NGX Banking Index decreased the most on Monday by 3.98 percent as bank stocks were mostly offered by investors on the local bourse, the first trading day after the Central Bank of Nigeria (CBN) directed banks to temporarily suspend the payment of dividends to shareholders.
The stock market decreased by 0.15 percent at the close of trading on Monday. While the NGX Consumer Good Index rose by 1.98 percent, NGX Insurance Index decreased by 0.49 percent, and NGX Oil & Gas Index (-0.90 percent).
“While we still expect to see some downward pressure in tomorrow’s (Tuesday) market, volume flows remain healthy, with activity trending in line with rising prices, a key confirmation of institutional participation. As it stands, the ASI is in price discovery mode, and sentiment remains constructive as long as it holds above 110,000 points,” according to Vetiva research analysts.