Investors lose N156bn on first trading day in July

Nigeria’s stock market took-off into the second-half (H2) of 2019 on a negative note as investors maintained their bearish stance on equities.

This development comes despite market watchers expectations that investors will begin to take positions in attractive stocks ahead of first-half (H1) earnings releases in the coming weeks.

On Monday July 1, the Nigerian Stock Exchange (NSE) All Share Index decreased by 1.18percent, which pushed the year-to-date (ytd) negative return further by -5.78percent.

As a result, the value of stocks lost on the first trading day in July 2019 stood at about N156billion.

Analysts at Lagos-based Cordros Research had said their outlook for equities in the short to medium term remains conservative, “amidst the absence of a positive catalyst”.

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The NSE All Share Index closed at 29,614.61, while the value of listed stocks decreased to N 13.050trillion, compared with preceding trading day’s 29,966.87 points and N13.206 trillion respectively.

Nigerian Breweries Plc led the losers table after its share price decreased from N63 to N60, losing N3 or 4.76percent, followed by Dangote Cement plc which decreased from N184 to N181, after losing N3 or 1.63percent.

Mobil Oil Nigeria Plc recorded the highest gain on the Exchange from N170 to N175, after gaining N5 or 2.94percent, followed by MTN N which advanced from N129.05 to N129.5, adding 45kobo or 0.35percent.

In 3,067 deals, equity traders exchanged 107,438,598 units of shares valued at N1.138billion. Transcorp Plc, FBN Holdings, Zenith Bank, Access Bank and GTBank Plc were actively traded stocks on Monday at the Nigerian Bourse.

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.