Stocks lose N188bn as October trading begins
Nigeria’s equities market started the month of October with a decline of 0.33 percent. Investors lost about N188billion at the close of trading on Wednesday October 2, the first trading day of the month.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased from preceding trading day’s highs of 98,558.79 points and N56.635 trillion respectively to 98,232.39 points and N56.447 trillion. The market’s return year-to-date (YtD) decreased to +31.37 percent.
Stocks like Ellah Lakes, Caverton and Livestock Feeds were the major laggards on Wednesday. Ellah Lakes decreased most, from N4.43 to N3.99, losing 44kobo or 9.93percent.
Also, Caverton dropped from N2.42 to N2.18, losing 24kobo or 9.92percent, Livestock Feeds was down from N2.99 to N2.72, after losing 27kobo or 9.03percent.
Read also: Here are stocks that outperformed NGX-ASI year-to-date
Stocks like UBA, Zenith Bank, Veritas Kapital, Ellah Lakes and Regency Assurance were actively traded on the Bourse. In 11,954 deals, investors exchanged 425,764,914 shares valued at N8.450billion.
Futureview research analysts in their October 2 weekly stock recommendation said, “We expect a mixed performance in the local bourse as investors reassess portfolios in reaction to the 27.25 percent MPR hike, with selective bargain hunting and strategic dividend positioning”.
“With the third quarter (Q3) now in the books, we expect investors to wait on the sidelines, in anticipation of Q3’2024 earnings release for guidance. That said, we foresee bargain hunting driving market sentiment, following a resumption of trading after Tuesday’s public holiday,” Vetiva Research analysts said ahead of Wednesday’s trading.
