Investors book N162bn loss as stock market fails to sustain gain

Nigeria’s equities market failed to sustain preceding trading day’s gains as large cap stocks like Nestle Nigeria Plc, Dangote Cement Plc and BUA Cement Plc occupied led the basket of

counters that contributed to the record 1.36percent dip seen on Thursday April 23.

This month, the market has yielded positive return of 5.49 percent, this week it has lost 1.97 percent of its value; while year-to-date return is in negative of -16.29percent.

Analysts expect Thursday’s bearish pattern to filter into Friday trading session. Though, bargains in some of the heavyweight decliners might support a positive close to the week.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased to 22,470.79 points from preceding day high of 22, 780.30 points.

The value of listed stocks on the Nigerian Bourse also decreased to N11.710trillion as against N11.872trillion on Wednesday, representing a decline of N162billion.

Nestle dipped most from N975 to N910, down N65 or 6.67percent. Dangote Cement Plc. Dangote Cement was also down from N136 to N131.5, losing N4.5 or 3.31percent. BUA Cement joined the league of top laggards, from N34.85 to N33, losing N1.85 or 5.31percent.

Stanbic IBTC Holdings Plc advanced most, from

N27.5 to N28.5, adding N1 or 3.64 percent. Cadbury Nigeria Plc also increased from N6.3 to N6.9, rising by 60kobo or 9.52percent, while Lafarge Africa Plc increased from N11.35 to N11.7, up by 35kobo or 3.08percent.

Access Bank Plc, FBN Holdings Plc, Zenith Bank Plc, United Capital Plc and GTBank Plc were actively traded stocks on Thursday.

In 3,381 deals, equity dealers exchanged 201,475,387 units valued at N3.358billion.

Stock market declines by 1.41% in one week

By Iheanyi Nwachukwu • April 24, 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.