That is coming at a time of more attractive yields in the fixed income market.
Nigerian equities lost more grounds Monday with weak investors' confidence forcing the benchmark index to decline 0.02 per cent, its lowest point since
Stocks are facing a battle to retain investors' faith following no significant improvement in half-year financial scorecards of companies across sectors particularly lenders and the dividends they are offering when set beside those from the same period a year ago.
That is coming at a time of more attractive yields in the fixed income market especially a Nigerian Treasury bills auction due this week, which portfolio managers will likely explore with funds bogged down in stocks.
"We expect some bargain hunting on some tickers that experienced selloffs in the previous week. In the medium term, we expect the market to remain choppy," analysts at
"Additionally, market participants will be watching the fixed income space closely amid a hike in stop rates at the recent NTB auction."
Key drivers of Monday's loss were broad across sectors from real estate to banking and consumer goods, where UPDC,
The bourse posted a negative market breadth as 21 losers emerged compared to 18 gainers.
The all-share index was down 6.16 points at 38,915.62, while the market capitalisation slowed to N20.3 trillion.
Since January, the index has been down 3.36 per cent.
TOP FIVE GAINERS
Morison appreciated 9.37 per cent to N2.10.
Fidelity advanced by 4.35 per cent to N2.40.
TOP FIVE LOSERS
SCOA led laggards, declining by 10 per cent to close at N1.17. Academy shed 7.69 per cent to end trade at N0.36.
UPDC fell to N1.51, losing 6.21 per cent.
TOP FIVE TRADES
Altogether, 201.1 million shares valued at N2.5 billion were traded in 3,340 deals.
Universal Assurance was the most active stock with 19.4 million of its shares worth N3.9 million traded in 15 deals. Fidelity shares totalling 19.3 million priced changed hands in 192 transactions at a value of N46.5 million.
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