The Nigerian stock market opened this week on a negative note as investors booked approximately N141 billion loss at the close of trading on Monday May 13, 2019. This dismal outing on Custom Street pushed further the year-to-date (ytd) negative return at -9.11percent.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) depreciated further by 1.26percent to close at 28,484.44 points as against 28,847.81 points recorded the preceding trading day. Only 11 stocks gained against 30 losers.
Mobil Oil Nigeria Plc was the biggest loser on the Bourse after its share price declined from N173 to N165, losing N8 or 4.62percent. Stanbic IBTC Holdings Plc followed after its share price decreased from N46 to N44.05, losing N1.95 or 4.24percent.
The share price of Guinness Nigeria Plc was also down, from N51.5 to N50, declining by N1.5 or 2.91percent. GTBank Plc lost N1, from N32 to N31, down by 3.13percent; while PZ Cussons Plc dipped from N9 to N8.5, down by 5kobo or 5.56percent.
Okomu Oil Palm Plc advanced most, from N70 to N77, adding N7 or 10percent. It was followed by Africa Prudential Plc which rallied by 28kobo or 7.91percent, from N3.54 to N3.82. FBN Holdings Plc stock price gained 25kobo, from N7.25 to N7.5, adding 3.45percent.
Caverton advanced from N2.46 to N2.55, adding 9kobo or 3.66percent; while Ecobank Transnational Incorporated was up by 5kobo or 0.49percent, from N10.3 to N10.35.
The value of listed stocks which opened at N10.842 trillion decreased to N10.701trillion. In 3,856 deals, stock dealers exchanged 214,684,260 units valued at N2.784billion. UAC of Nigeria Plc, GTBank Plc, UBA Plc, Sterling Bank Plc, and Transcorp Plc were actively traded stocks.
“With bearish sentiment dominating the bourse even with attractive prices, it is difficult to take a clear stand on the direction of the market. However, we expect investors to start cherry picking select stocks and begin to bargain on prices,” said Lagos-based analysts at Vetiva Capital.
Iheanyi Nwachukwu
