In line with our earlier view on the stock market performance this week, it closed the first trading day of the week in red.
The negative close was aided by record dip in prices of mid-to-large stocks like Stanbic IBTC, BUA Cement Plc, and Nigerian Breweries Plc.
Only 11 stocks gained as against 26 losers.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) was down by 0.29percent at the close of remote trading session while the market’s year-to-date (ytd) negative return increased to – 7.78percent.
Stanbic IBTC decreased most from N33 to N30.25, losing N2.75 or 8.33percent.
It was followed by that of BUA Cement Plc which declined from N44 to N43, after shedding N1 or 2.27percent and Nigerian Breweries Plc which dipped from N38 to N37, losing N1 or 2.63percent.
“Although we are not optimistic of a rebound in market performance this week due to poor investor sentiment, current stock prices are attractive for bargain hunting”, said Lagos-based Afrinvest research analysts in their June 22 note.
The NSE ASI opened the day’s trading at 24,826.75 points but decreased to 24,753.92 points at the close of trading session. The value of listed stocks decreased from N12.951trillion to N12.913trillion, representing a decline of N38billion. In 3,843 deals, investors exchanged 124,688,442 units valued at N1.318billion.
