Stock market loses N189bn as investors take profit after recent rally

Nigeria’s equities market lost about N189billion on Monday November 18, 2019 as many investors rushed to Custom Street to take profit on stocks after last week’s rally which had lifted stocks value up by N300billion.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) depreciated by 0.60percent to close at 26,691.09 points as against 26,851.68 points recorded previously. Its Year-to-Date (YtD) returns currently stands at -15.08percent. The value of listed equities decreased from N13.071 trillion to N12.882trillion. In 4,609 deals, equity investors exchanged 307,961,462 units valued at N2.538billion.

The market recorded the huge loss despite that 22 stocks gained as against 11 losers. UACN, Zenith Bank, UBA, Access Bank, and FBN Holdings were actively traded stocks.

“In a market with T-bill rates below the level of inflation it is not surprising that investors look for alternatives: long-dated bonds and equities”, research analysts at Coronation Merchant Bank said in their November 18 note.

Okomu Oil Palm Plc recorded the highest loss after its share price declined from N52.95 to N50, losing N2.95 or 5.57percent, followed by Access Bank Plc which declined from N10.5 to N9.8, after losing 70kobo or 6.67percent.

On the gainers table, Guinness Nigeria Plc advanced most, from N28.6 to N31, adding N2.4 or 8.39percent, while Stanbic IBTC Holdings Plc followed from N38 to N39, adding N1 or 2.63percent.

Iheanyi Nwachukwu

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Iheanyi Nwachukwu

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.