Stock market opens new month on a negative note

Nigeria stock market opened this new month on a negative note. This comes despite expectations that investors will lock in value stocks with attractive dividend yields in anticipation of the December rally.

The NSE All Share Index (ASI) decreased by 0.04percent while its year-to-date (YtD) negative performance increased to -14.13percent.

The NSEASI moved from 27,002.15 points to 26, 990.59 points. Investors lost about N5.58billion as 12 stocks gained while 17 lost their day-open values.

Cement Company of Northern Nigeria Plc led the losers table after its share price moved down from N20 to N19, losing N1 or 5percent, followed by UACN Plc which dipped from N8 to N7.3, after losing 70kobo or 8.75percent.

Nigerian stocks fall out of favour as foreign outflow hits all year high

By Olufikayo Owoeye • December 3, 2019

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.