Nigerian stocks dipped by 0.23 per cent on Wednesday, extending the drop recorded at the previous session as investors await the half-year financials of big and some mid-cap companies, which are likely to help the market break from its long flattish progress.
The fall followed profit-taking actions by traders in the shares of Nigerian Breweries although intense sale of shares in“We expect continued bargain hunting as investors continue to look forward to the H1-2022 earnings season, cherry-picking stocks with potential for strong earnings performance as well as interim dividend payment,” said analysts at United Capital in an outlook note for this week seen by PREMIUM TIMES.
“However, we note that a strong hike in MPR at this week’s MPC meeting could spell bad news for the equities market,” they added., an indicator of investors’ sentiment towards trade, was negative as 13 advancers were recorded compared to 22 losers. The all-share index tapered by 122.4 points to 52,186.5. Similarly, market capitalisation depreciated to N28.1 trillion at the end of trade.CWG led gainers, appreciating by 9.88 per cent to close at N0.89. Multiverse added 9.88 per cent to end trade at N1.78. Academy went up by 9.68 per cent to N2.04. RT Briscoe rose to N0.48, notching up 9.09 per cent in the process. The Initiates completed the top 5, climbing by 9.09 per cent to N0.48.