Stock Market Commences New Week on Negative Note, Drops by N137.12bn

Stock Market Commences New Week on Negative Note, Drops by N137.12bn

Kayode Tokede

The stock market section of the Nigerian Exchange Limited (NGX), opened the week on a negative note, dropping by N137.12 billion over investors profit taking in First Holdco Plc, 31 others.

As the stock price of First Holdco dropped by 1.58 per cent, the Nigerian Exchange Limited All-Share Index (NGX ASI) lost 265.99 basis points or 0.11 per cent to close at 239,085.17 basis points. Consequently, the year-to-date return moderated to 53.64per cent, from 53.81per cent in the previous week.

Investor sentiment was negative, as 32 decliners outpaced 18 advancers. Red Star Express emerged the highest price gainer of 9.86 per cent to close at N16.15, per share. University Press followed with a gain of 9.38 per cent to close at N5.25, while UPDC rose by 5.97 per cent to close at N3.55, per share.