Nigeria stock market opened the new trading week on a negative note with a record 0.06percent dip in the All Share Index (ASI).

Stocks new low recorded at the local Bourse pushed the negative returns this year to -9.57 percent. Investors lost N10billion on Monday July 20, 2020.

BusinessDay had earlier noted ahead of Monday’s trade open that the stock market may witness a mix of bargain hunting and profit taking activities.

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) after its meeting on July 20 resolved to: retain the Monetary Policy Rate (MPR) at 12.50 percent; retain the Cash Reserve Ratio (CRR) at 27.5 percent; retain the Liquidity Ratio at 30 percent; and retain the asymmetric window at +200 basis point and -500 basis points, around the MPR.

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The Nigerian Stock Exchange (NSE) All-Share Index and Market Capitalisation depreciated from week open highs of 24,287.66 points and N12.670 trillion respectively to 24,269.58 points and N12.660trillion.

Stocks that led the negative close include: Cutix which decreased from N1.82 to N1.64, after it lost 18kobo or 9.89percent. Neimeth also decreased from N1.5 to N1.35, after losing 15kobo or 10percent; Access Bank decreased from N6.2 to N6.1, losing 10kobo or 1.61percent. ETI decreased from N4.35 to N4.25, losing 10kobo or 2.30percent; while Zenith was down from N15.75 to N15.65, down by 10kobo or 0.63percent.

In 3,258 deals, investors exchanged 305,103,325 units valued at N2.100billion.

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By Iheanyi Nwachukwu • July 20, 2020

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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