The Nigerian Stock Exchange (NSE) All Share Index (ASI) declined by 0.73percent at the close of trading on Monday April 29, 2019.
Investors lost about N83billion, pushing the local bourse to new low as sell pressure weighed largely capitalised equities.
The stock market return is now in the negative region of 6.07percent year-to-date (ytd). Month-to-date (MTD) the market has declined by 4.90percent.
The value of listed equities which opened this week’s trading at N11.177trillion decreased to N11.094trillion as at close of trading on Monday; while the ASI decreased to 29,521.06 points from preceding trading day’s high of 29,740.41points.
Total Nigeria Plc led the basket of laggards after its share price decreased from N182 to N166.1, losing N15.9 or 8.74percent. Stanbic IBTC Plc share price decreased from N47 to N45.1, losing N1.9 or 4.04percent.
Cement Company of Northern Nigeria decreased from N17 to N15.35, losing N1.65 or 9.71percent. Dangote Cement Plc stock price dipped from N186.9 to N186, losing 90kobo or 0.48percent. GTBank Plc stock price was also down, from N34.2 to N33.45, down by 75kobo or 2.19percent.
On the advancers list, Forte Oil Plc stock price moved up from N29.2 to N32.1, adding N2.9 or 9.93percent. Julius Berger Nigeria Plc rallied from N22.5 to N24.7, up by N2.2 or 9.78percent.
Dangote Flourmill Nigeria Plc rose from N15.55 to N17.1, up N1.55 or 9.97percent. Okomu Oil Palm Plc increased from N72 to N72.5, adding 50kobo or 0.69percent; while Cadbury Nigeria Plc rose from N11.35 to N11.8, adding 45kobo or 3.96percent. In 4,302 deals, stock traders exchanged 290,189,797 units valued at N2.164billion.
“Amidst the release of a flurry of mixed earnings results, the ASI dipped further to kick off the new week, shedding 73basis points (bps) in today’s (Monday) predominantly down-trending session. Market activity saw a mild uptick as volume and value traded rose 19percent and 40percent respectively”, said analysts at Lagos-based Vetiva Capital in their equity note to investors.
On what shapes the market on Tuesday April 30 being the last trading day of this month, the analysts said: “As earnings season begins to slow down, we expect investors’ second-quarter (Q2) intentions to begin to take shape. In line with this, we foresee another downward sloping session amidst the average Q1 results released. However, we do not rule out the possibility of bargain hunting in the market”.
