The month of June has gone but the negative remark it left on the Nigerian stock market will always be remembered.
The lost value of stocks on the Nigerian Stock Exchange (NSE) in the month of June 2019 is approximately N480billion.
Investors at the Nigeria Bourse who had their equities portfolio cumulatively valued at N13.685trillion as at the first trading day in the review month (June 3) saw it eroded to N13.205trillion as at June 28, the last trading day in the review month.
As a result, the NSE All-Share Index (ASI) declined by 3.55percent, from the month-open level of 31,069.37 points to 29,966.97points as at Friday, June 28.
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This recorded decline in the review month no doubt implies that it did not favour some long-term investors at the Nigerian Stock Exchange (NSE) who decided not to sell their stocks.
Aside from the month’s performance, the stock market has lost 4.66percent of its year-open value, data at the Exchange showed.
Stock price indicators show many equities listed on the NSE are in red compared with their prices at the beginning of the year.
Despite that prices of stocks across the board remain deflated in June and presented attractive entry points for bargain hunters, the market activity still slowed down as investors’ sentiment on Custom Street remained evidently bearish.
Some of the stocks that far underperformed the NSE ASI year-to-date (YtD) are PZ Cussons (-41.3percent), Berger Paints (-18.6percent), Chemical and Allied Plc (-21.1percent), Cement Company of Northern Nigeria (-32percent), Champion Breweries (-15.1percent), CHI Plc (-31.6percent), Conoil Plc (-6.9percent), Cutix Plc (-14.6percent), and Dangote Sugar Refinery Plc (-25.6percent).
Other top laggards this year include Eterna Plc (-16percent), ETI Plc (-21.4percent), FBN Holdings Plc (-17.6percent), FCMB Plc (-13.8percent), Fidelity Bank Plc (-16.3percent), Flour Mills Nigeria Plc (-39.4percent), Forte Oil Plc (-6.6percent), and GlaxoSmithKline Consumer Nigeria Plc (-29.7percent).
In the review month, some analysts expected investors with a medium to long term investment horizon to cherry-pick value stocks based on their attractive prices across the board.
The list of top losers at the NSE this year include GTBank Plc (-4.5percent), Guinness Nigeria Plc (-33.8percent), Honeywell Flourmills Plc (-21.1percent), Ikeja Hotel Plc (-6.5percent), International Breweries Plc (-40percent), Jaiz Bank Plc (-6percent), Law Union (-13.3percent), Mobil Oil Nigeria Plc (-8.4percent), MRS Plc (-18.9percent), NAHCo Plc (-12.6percent), NASCON Plc (-16.7percent), Nigerian Breweries Plc (-26.3percent), Neimeth Pharmaceuticals Plc (-33.3percent), NEM Insurance Plc (-15.9percent), Nestle Nigeria Plc (-6.4percent), Niger Insurance (-16.7percent), NPF Microfinance Bank (-36.4percent), and Oando Plc (-20percent).
Also in the big losers league year-to-date (ytd) are stocks like: Okomu Oil Palm (-16.0percent), Presco Plc (-18.8percent), Resort Savings (-60percent), Seplat (-17.2percent), Stanbic IBTC Holdings (-16.1percent), Total (-26.1percent), Transcorp Plc (-14.4percent), UACN (-31.8percent), UAC Property Development Company (-21.5percent), UBA Plc (-19.5percent), United Capital Plc (-16.7percent), Unilever (-10.8percent), Unity Bank (-39.3percent), University Press (-15.1percent), Vitafoam (-12.7percent), and Zenith Bank Plc (-14.1percent).
