Market tumbles as Investors lose N672bn

 

On Tuesday, equities trading at the Nigerian Exchange Limited were tepid following profit taking activities in high capitalized stocks.

Thus, the All Share Index (ASI) settled lower by 1.99 per cent to settle at 60,715.04 bases points.

Specifically, share prices of BUA Cement, Access Holdings, United Bank for Africa, Nestle Nigeria, Guaranty Trust Holding Company, Zenith Bank, FBN Holdings, Lafarge Africa and MTN Nigeria moderated by 9.86 per cent, 6.03 per cent, 5.20 per cent, 4.00 per cent, 3.84 per cent, 3.83.per cent, 2.45 per cent, 2.19 per cent, and 1.80 per cent, respectively.

Market breadth closed negative with the mummer of losers i outnumbering gainers ones. PZ led thirty-three (33) others on the laggard’s table, while Eterna topped nineteen (19) others on the gainer’s log.

Speaking at bell ringing ceremony, the Chairman, NBA Section on Business, Dr Adeoye Adefulu said: “We are proud to partner with the NGX in order to attract investors to the market. As part of our activities to mark to ring the closing bell, we are proud to work with the Exchange to promote good corporate governance. We also work with the Securities and Exchange Commission 17th annual international business law conference we were honored in the area of rules making among others.    Part of our expectations is to ensure the market operates in the best international standards that will attract both local and foreign participation. We do encourage government to come up with friendly policies that will attract investors to the market.”

Speaking as well, Mr Jude Chiemeka, Divisional Head, Capital Markets, NGX said: “We welcome the MBA Business Section to the floor as they have been our partner in developing the market. We wish them a successful outing in their forthcoming 17th annual conference.”