Nigerian stock investors booked another N20billion loss on Tuesday September 10 following a persisting bearish trend on the local Bourse. This cumulative loss comes despite the market recording 18 gainers as against 12 losers.

Amid stubborn sell pressure the equities market closed on a negative note as the benchmark performance indicator – the NSEASI – depreciated by 0.16percent to close at 27,047.58 points as against preceding day high of 27,089.84 points.

The stock market’s year-to-date (YtD) return currently stands at -13.94percent. The value of Nigeria’s listed stocks decreased to N13.158trillion from preceding day high of N13.178trillion.

Nestle Nigerian led the league of laggards after its share price moved down from N1136 to N1080, losing N56 or 4.93percent, followed by Cement Company of Northern Nigeria which dipped from N17.4 to N16.25, after shedding N1.15 or 6.61percent; and Dangote Cement Plc which declined from N155.7 to N155, losing 70kobo or 0.45percent.

Some market watchers expect equities to remain pressured in the short term despite their attractiveness from fundamental and technical analysis perspective. It is worthy to note that the current price levels offer investment opportunity for bargain hunters.

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Also on the losers table is Forte Oil Plc which dropped from N14.5 to N14, down by 50kobo or 3.45percent, while UACN made the top laggards table, from N6.6 to N6.2, losing 40kobo or 6.06percent.

On the gainers table, Dangote Flourmills Plc led the pack after its share price moved from N21 to N22.25, up by N1.25 or 5.95percent. MTNN Plc followed, from N138.05 to N138.5, up by 45kobo or 0.33percent, while FBN Holdings Plc rose from N4.65 to N5, adding 35kobo or 7.53percent.

Also, the share price of GTBank Plc advanced from N26.5 to N26.85, adding 35kobo or 1.32percent, while that of Nigerian Breweries Plc moved up from N50.55  to N50.75, after adding 20kobo or 0.40percent.

In 4,629 deals, equity traders exchanged 364,217,529 units valued at N4.862billion. GTBank Plc, Courtville Plc, Access Bank Plc, Zenith Bank Plc, and FBN Holdings Plc were actively traded stocks on the Nigerian Stock Exchange (NSE) on Tuesday.

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By Iheanyi Nwachukwu • September 11, 2019

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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