Nigerian stocks eased by N1 billion on Tuesday as equities faced increasing attrition from investors’ heavy disposal of bank and financial services shares, even though the depth of loss was very shallow, with the benchmark index dipping by as low as less than one per cent.
The bourse is yet to close on an upbeat note since the week began, raising fears stocks could return a negative yield at the end of the week unless a tremendous turnaround happens. Ahead of the release of quarterly statements, a couple of board meeting notices were published on Tuesday, signalling the issuing of companies’ financials is round the corner.
On the flip side, market breadth which weighs the extent of investors’ confidence, was positive as 17 gainers were reported compared to 13 laggards. The All Share Index inched down to 37.857.24 points and market capitalisation dropped to N19.724 trillion.NCR led gainers, appreciating by 9.64 per cent to close at N2.73. Wema went up 9.46 per cent to N0.81. FTN Cocoa rose to N0.39, notching up 8.33 per cent in the process. NPF Microfinance added 6.88 per cent to end today’s trade at N1.71. Lasaco completed the top 5, climbing by 6.67 to N1.60.Ikeja Hotels was the worst-performing stock, declining by 9.09 per cent to close at N1.40.
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