Nigerian stocks decelerated for the first time in five days on Wednesday as the main equity index retreated by 0.26 per cent, bucking a flurry of dominantly impressive corporate results that were issued over the past few days and somehow testing the limit to which shares can rise even when fundamentals like financial performance are right.
NGX Group was the pivot of the slide, assisted by United Capital, Dangote Sugar and International Breweries. Aiding the loss, the NGX Banking Index tumbled by 1.32 per cent, signalling the most abysmal performance of the five sector indexes tracked by the bourse. Market breadth, which measures the extent of investors’ sentiment towards trade, was negative, with 34 losers emerging against 15 laggards.Royal Exchange led gainers, growing by 10 per cent to close at N1.65. Seplat gained 9.33 per cent to close at N1,034. Multiverse rose by 9.09 per cent to N0.24. NEM leapt to N4.14, notching up 8.38 per cent in the process. FCMB completed the top 5, climbing up by 8.12 per cent to N3.46.Niger Insurance declined 10 per cent to N0.27.
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