Share market drops N281 billion as investors sell off – Blueprint Newspapers Limited

Trading on the trading floor of the Nigerian stock exchange NGX) trended lower on Thursday as sales and profit booking in Dangote Cement lead the market as impressive unaudited earnings hit the market.

Specifically, the market capitalization of listed shares decreased by 281 billion naira, or 1.12%, to 24.792 billion naira from 25.073 billion naira the previous day.

The NGX All Share Index also depreciated by 520.76 basis points to 46,009.23 points against 46,529.99 points traded the previous day.

Investors traded 279.441 million shares valued at 2.763 billion naira in 4582 deals for 328.997 million shares costing 4.817 billion naira in 4219 deals.

Financial analysts said that although the market is still strong, the sale and profit taking of Dangote has affected the market.

They explained that as the Central Bank of Nigeria keeps the primary market allotment rates of MPRs and treasury bills down over the short and long term, the equity market space will be more attractive to asset managers. funds, especially since the presence of foreign investors in our market has decreased in the last two years due to the Covid 19 epidemic.

He says this means monetary policy normalization in mature economies and other climates may not affect our market as all eyes are on corporate earnings and economic data to provide direction.

A review of the investment showed Guinness Nigeria Plc topped the winners chart during the day, gaining 10.0% to N46.75, International Breweries followed with a gain of 10.00% to N5, 50, Ecobank Transnational Incorporated gained 9.63% to N11. 0.95, Prestige Insurance added 9.52% to N0.46, Unilever Nigeria Plc up 7.28% to N14.00.

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