Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Nigeria’s stock market recorded its first negative close on Tuesday, April 29, as investors' profit-taking pulled the market into the red.

Data shows that the Nigerian Exchange Limited (NGX) All-Share Index (ASI) declined by 0.18%, closing at 105,931.18 points from a previous high of 106,116.18 points. Similarly, the market capitalisation dropped by N116 billion, settling at N66.577 trillion compared to Monday’s N66.693 trillion.

Analysts at United Capital attributed the dip to growing caution among investors amid a high-interest rate environment.

In an April 28 research note, they said:

“Looking forward, the equities market might remain dovish due to the elevated interest rate environment in the fixed-income market. We still expect bearish sentiments to linger in the background.”

They added that the upcoming May meeting of the Central Bank of Nigeria’s Monetary Policy Committee (MPC) will likely keep investors on the sidelines as they await guidance on interest rate direction.

Here is how the market performed on Tuesday.

• Universal Insurance Plc recorded 29.81 million shares worth N15.19 million.,
• Guaranty Trust Holding Company Plc traded 28.51 million shares, amounting to N1.94 billion.

Another Nigerian company to list shares on NGX for first time

Ealier Legit.ng reported that the number of companies on the Nigerian Exchange is set to increase with the listing of Legend Internet Plc.

The listing will now allow the shares of Legend Internet Plc to be traded on the Nigerian Exchange (NGX).

Legend Internet is a leading provider of fibre-to-the-home (FTTH) services, offering high-speed internet.

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Source: Legit.ng