Sell pressure witnessed at the Nigerian Stock Exchange (NSE) continued on Wednesday May 8, 2019 leading to equities eroding approximately N49billion in value.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased further by 0.45percent on the review trading day, while the Year-to-Date (ytd) return stood further low at 7.84percent. The stock market recorded 21 gainers as against 21 losers.

The All Share Index fell below 29,000 points and closed at 28,966.41 points as against the preceding day close of 29,096.41 points.

The value of listed equities –Market Capitalisation closed at N10.887 trillion as against preceding day close of N10.936 trillion.

Dangote Cement Plc led the laggards table after its share price decreased from N181 to N179, losing N2 or 1.10percent.

Mobil Oil Nigeria Plc followed from N175 to N173, losing N2 or 1.14percent; while GTBank Plc declined from N33 to N32.3, down 7kobo or 2.12percent. Beta Glass Plc stock price advanced most from N62.7 to N68.95, adding N6.25 or 9.97percent.

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Dangote Flour Mills Plc also gained, from N16 to N16.8, adding 80kobo or 5percent; while Cadbury Nigeria Plc moved up from N10.7 to N11, gaining 30kobo or 2.80percent.

The volume of stocks traded decreased by 24.5percent, from 430.26million to 324.81million, while the total value of stocks traded increased by 14.37percent, from N2.83billion to N3.24billion in 3,631 deals.

The Financial Services sector led Wednesday activity chart with 247.5million shares exchanged for N2.12billion; followed by Consumer Goods with 27.09million shares traded for N993million.

 

Iheanyi Nwachukwu

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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.

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