The Nigerian equities market recorded another session of decline on Wednesday June 19 which led to the benchmark performance indicator sinking further by 0.15percent.

Following that dismal outing, the stock market has lost 0.91 percent of its value in three days, while year-to-date (ytd), its negative return is -5.27percent.

At the sound of trade closing gong on the Nigerian Stock Exchange (NSE) 9th floor, the market closed with only 21 gainers as against 18 losers.

Forte Oil Plc was the highest gainer, from N31.5 to N34.65, after adding N3.15 or 10percent; while Nestle Nigeria Plc was the highest loser, from N1,420 to N1,400, losing N20 or 1.41percent.

The NSE All Share Index (ASI) closed lower at 29,772.72 points, against preceding day high of 29,818.80points.

The value of listed stocks on the Nigerian Bourse decreased from N13.140 trillion on Tuesday to N13.119trillion on Wednesday, down by N21billion.

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In 3,441 deals, stock dealers exchanged 1.233billion units valued at N67.891billion. Forte Oil Plc, Prestige Assurance Plc, GTBank Plc, FBN Holdings Plc, and ETranzact Plc were actively traded stocks.

A total of 970,166,694 units of Forte Oil Plc were exchanged in off market trades at N66.25 in five deals as Nigeria’s billionaire businessman Femi Otedola completed the sale of his stake in the Oil and Gas Company.

The off market deals were negotiated deals between Stanbic IBTC Stockbrokers as buyer while APT Securities and Funds Limited, WSTC Securities Limited and Quantum Zenith Securities Limited were sellers.

Market watchers foresee another session of mixed trading on Thursday, though with a mildly positive bias in the absence of external factors driving the market.

 

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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