Stock market sustains decline by 0.09percent

In line with analysts expectations, the Nigerian bourse stumbled for the second time this week as investors continued to weigh the risks of looming second wave of the Coronavirus.

Sell pressure on a number of mid/large cap stocks pushed the market to close in the red on Tuesday June 16.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased by 0.09 percent to 24,930.88 points from preceding day high of 24, 954.32 points.

The value of listed stocks decreased N13.005trillion. In 4,194 deals, equity dealers exchanged 200,392,700 units valued at

N1.585billion.

Despite increased bargain in stocks like BUA Cement Plc and Fidson Healthcare Plc, record dip in prices of stocks like Flourmill, MTNN and Ardova Plc aided the southward close.

Flourmill led the laggards after its share price moved N20.95 to N19.55, losing N1.4 or 6.68percent.

MTNN followed after moving from N116 to N115, down by N1 or 0.86percent while Ardova decreased from N14.4 to N13.75, losing 65kobo or 4.51percent.

This year, the market has decreased by -7.12 percent while this month it has declined by -1.33 percent.

Barring any positive news capable of lifting sentiment, the market may continue on this trajectory on Wednesday.

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By Iheanyi Nwachukwu • June 16, 2020

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.