Nigeria’s stock market took-off into the second-half (H2) of 2019 on a negative note as investors maintained their bearish stance on equities.
This development comes despite market watchers expectations that investors will begin to take positions in attractive stocks ahead of first-half (H1) earnings releases in the coming weeks.
On Monday July 1, the Nigerian Stock Exchange (NSE) All Share Index decreased by 1.18percent, which pushed the year-to-date (ytd) negative return further by -5.78percent.
As a result, the value of stocks lost on the first trading day in July 2019 stood at about N156billion.
Analysts at Lagos-based Cordros Research had said their outlook for equities in the short to medium term remains conservative, “amidst the absence of a positive catalyst”.
The NSE All Share Index closed at 29,614.61, while the value of listed stocks decreased to N 13.050trillion, compared with preceding trading day’s 29,966.87 points and N13.206 trillion respectively.
Nigerian Breweries Plc led the losers table after its share price decreased from N63 to N60, losing N3 or 4.76percent, followed by Dangote Cement plc which decreased from N184 to N181, after losing N3 or 1.63percent.
Mobil Oil Nigeria Plc recorded the highest gain on the Exchange from N170 to N175, after gaining N5 or 2.94percent, followed by MTN N which advanced from N129.05 to N129.5, adding 45kobo or 0.35percent.
In 3,067 deals, equity traders exchanged 107,438,598 units of shares valued at N1.138billion. Transcorp Plc, FBN Holdings, Zenith Bank, Access Bank and GTBank Plc were actively traded stocks on Monday at the Nigerian Bourse.
