Large cap stocks drive market to negative close

Nigeria stock market closed the last trading day of the week on a negative note fuelled by increased sell pressure on stocks like Dangote Cement Plc, Okomu Oil Palm Plc, Guinness Nigeria Plc, Dangote Sugar Refinery Plc and UACN Plc.

Analysts had anticipated Friday’s bearish close amidst weak investors’ sentiment.

With this development the index posted negative returns in four of the five trading sessions in this week ended June 19.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased by -0.43 percent. In the review trading week, stock market dipped by -1.41percent; while month-to-date (MtD), it has decreased by -1.75 percent. The market’s negative return year-to-date (YtD) stood higher at 7.51percent.

The NSE ASI decreased to 24,826.75 points while the value of listed stocks decreased to

N12.951trillion as against week open high of

25,182.67 points and N13.137 trillion respectively. Investors booked about N186billion loss.

Dangote Cement Plc recorded the highest decline on Friday after its share decreased from

N139 to N130, losing N9 or 6.47percent. In 3,695 deals, investors exchanged 174,676,912 units valued at N2.010billion.

Seplat Group transfers OMLs 4,38 and 41 to Seplat West Limited

By Teliat Sule • June 21, 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.