Investors at the Nigerian Stock Exchange (NSE) recorded N40billion loss on Monday June 17 as market continues to search for new catalysts to propel growth.
At the sound of trade closing gong by 2:30pm on the Nigerian Stock Exchange, it All Share Index (ASI) declined by 0.36percent from 30,046.70 points to 29,936.33 points.
Also, the value of listed stocks on the Bourse decreased from week-open high of N13.232trillion to N13.192trillion.
Sell pressure on stocks like Dangote Cement Plc, MTNN Plc, Guinness Nigeria Plc, Oando Plc and NAHCo plc aided the southward movement seen on Customs Street equities trading.
Dangote Cement share price decreased from N184 to N182.4, losing N1.6 or 0.87percent. MTNN also declined from N135.6 to N134, losing N1.6 or 1.18percent; while Guinness Nigeria Plc dipped from N47.5 to N46.95, after shedding 55kobo or 1.16percent.
Also on the laggards list include Oando Plc which dropped from a high of N3.9 to N3.7, after losing 20kobo or 5.13percent, and NAHCO Plc which decreased from N2.99 to N2.8, losing 19kobo or 6.35percent.
“Following last week’s performance and improved investor sentiment, we expect that investors would begin to cherry pick fundamentally sound stocks as we approach H1:2019 earnings season”, said Afrinvest researchers in their June 17 note.
Forte Oil Plc rallied most, from N29.4 to N32.3, adding N2.9 or 9.86percent. Unilever Nigeria Plc was also up, from N31 to N32, adding N1 or 3.23percent.
Dangote Flourmills Plc also advanced, from N16 to N16.5, adding 50kobo or 3.13percent. NASCON Plc was up from N14.8 to N15, adding 20kobo or 1.35percent. The share price of Zenith Bank Plc increased from N20 to N20.2, adding 20kobo or 1percent.
Wema Bank Plc, Fidelity Bank Plc, Zenith Bank Plc, and Access Bank Plc were actively traded stocks. In 3,360 deals, stock traders exchanged 2,864,957,558 units valued at N3.922billion.
With the dearth of market catalysts to boost the Index back above the 30,000 point mark and into green territory, Vetiva Securities research analysts see the possibility of recording another session of negative trading on Tuesday.
“We, however, do not rule out the possibility of bargain hunting on the depressed prices of stocks across the board,” the analysts said.
Iheanyi Nwachukwu
