Nigeria’s equities market on Tuesday recorded its first negative close this week as profit-taking in stocks like MTN Nigeria and other major laggards rerouted the market southward.
The market decreased by 0.18 percent at the close of trading. The share price of MTN Nigeria decreased most from N255.50 to N240, adding N15.50 or 6.07 percent. It was followed by another major laggard, Livestock Feeds which dropped from N8.55 to N7.72, losing 83kobo or 9.71 percent.
“Looking forward, the equities market might remain dovish due to elevated interest rate environment in the fixed-income market, we still expect bearish sentiments to linger in the background.