Bears hold sway on Nigerian Stock Exchange

The Nigerian stock market opened this new week on a negative note, extending its record downward trend despite the attractiveness of a number of fundamentally sound stocks.

BusinessDay had ahead of market open advised stock investors to be cautious and bet on only value counters as factors triggering the bearish trend remain.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) closed lower at 24,109.65 points while the value of listed stocks decreased to

N12.577 trillion as against preceding trading day high of 24,336.12 points and N12.695 trillion respectively. Investors booked about N118billion loss at the close of trading session on Monday.

In 4,216, investors exchanged 189,691,053 units valued at N2.784billion. The NSE ASI was down by 0.93 percent on Monday July 6 in the absence of positive catalysts capable of spurring buy decisions. This year’s negative return is now at -10.18 percent.

Nestle Nigeria Plc led the losers league after its share price moved N1256.8 to N1175, shedding N81.8 or 6.51 percent. It was followed by Beta Glass Plc which decreased from N68.35 to N61.55, losing N6.8 or 9.95 percent.

Also, BUA Cement Plc dipped from N42 to N39.9, losing N2.1 or 5percent and Julius Berger Nigeria Plc decreased from N18.35 to N16.55, down by N1.8 or 9.81percent.

“This week, we expect general sentiments in the market to remain tepid, as investors await the publication of the second-quarter (Q2) 2020 earnings”, said equity research analysts at Lagos-based United Capital Plc.

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By Iheanyi Nwachukwu • July 7, 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.