Amidst weak market sentiment, the Nigerian equities market extended days of capital depreciation to five consecutive sessions.

The negative close on Wednesday June 24 was in line with market watchers’ views amid dearth of positive news capable of spurring rally. Only 17 stocks gained as against 22 losers.

The record dip was driven largely by sell decisions on stocks like Seplat Petroleum Development Company Plc, Guinness Nigeria Plc and Nigeria Breweries Plc.

Seplat dipped most after its share price moved from N428.8 to N386, losing N42.8 or 9.98 percent. Guinness followed after its share price declined from N16.5 to N15, losing N1.5 or 9.09percent while Nigerian Breweries dropped from N36 to N34.7, down by N1.3 or 3.61percent

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Unless there is significant upward movement in large-cap stocks on Thursday, market watchers anticipate another downward performance. However, some fundamentally sound stocks look good enough to start seeing increased bargains due to their current price levels.

At the close of trading session on Wednesday, the Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased further by -0.38 percent while the negative return year-to-date (YtD) increased to -8.15 percent.

The NSE ASI decreased to 24,654.99 points from preceding day high of 24,750.06 points. In 3,364 deals, investors exchanged 189,253,004 units valued at N1.917billion. The value of listed stocks decreased to N12.861trillion, shedding about N50billion.

In this month of June, the stock market has decreased by -2.43 percent while week-to-date (WtD) its down by -0.69 percent.

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By Iheanyi Nwachukwu • June 24, 2020

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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