Stock Market Open Trading On N65bn Loss

The All Share Index decreased by 117.89 absolute points, representing a dip of 0.25 per cent to close at 47,436.45 points. Similarly, the market capitalisation lost N65 billion to close at N25.837 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Beta Glass, BUA Cement, United Capital, SCOA Nigeria and Access Holdings.This week, United Capital Plc expected the impact of the recent 100bps monetary Policy Rate hike to surface in the local bourse, as investors will look to book profits from the recent rally.

“We expect money market yields to continue to respond to the MPC’s persistent policy tightening, driving renewed interest from investors. In addition, technical signals indicate the market is due a breather following the extended rally,” United Capital added. Meanwhile, market breadth closed negative, with 15 gainers versus 17 losers. Prestige Assurance recorded the highest price gain of 9.30 per cent to close at 47 kobo, per share. NEM Insurance followed with a gain 9.22 per cent to close at N4.50, while Courteville Business Solutions rose 8.70 per cent to close at 50 kobo, per share.

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