The market opens November on a negative note
The Nigerian stock market continued its journey into negative territory on Tuesday, falling 0.21% as weak investor sentiment continued to impact the market.
Equity investors recorded a loss of about 50 billion naira on the first trading day of November.
The negative stock market record was mainly driven by stocks such as Seplat Energy, Julius Berger and UACN.
Seplat decreased the most by N100, going from N1,200 to N1,100, down 8.33%. He was followed by Julius Berger who dropped from N25.90 to N23.45, having lost N2.45 or 9.46%; and UACN which fell from a high of 8.95 N to 8.40 N, losing 55 kobo or 6.15%.
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“The wave of nine-month (9M) 2022 earnings releases has been largely positive. However, investor reactions to the published results were lackluster. Overall, we expect the market to close in the negative zone,” according to research analysts at Lagos-based Meristem.
As of the close of trading on Tuesday, November 1, Nigerian Exchange Limited’s (NGX) All Share Index (ASI) and its market capitalization depreciated by 43,839.08 points and N23,877 billion respectively to 43,745.73 points and 23,827 billion naira.
The positive year-to-date stock market return (YtD) also declined to 2.41%.
Access Holdings, Sterling Bank, Transcorp, UBA and Zenith Bank were the 5 most traded stocks. In 4,110 transactions, investors traded 172,866,016 shares valued at N4.014 billion.