The record level of losses on the Nigerian Stock Exchange (NSE) were tempered at the close of trading on Tuesday April 9 as the All Share Index (ASI) decline marginally by 0.04percent. The stock market has decreased by 1.58percent week-to-date (wtd) and 7.26 percent year-to-date (YtD).

The NSE ASI printed at 29,149.46 points from preceding day high of 29,162.24 points. Likewise, the value of listed stocks decreased slightly from N10.953trillion to N10.948trillion, representing N5billion loss.

In 3,634 deals, stock investors exchanged 374,026,184 units valued at N3.057billion. Sterling Bank Plc, Chams Plc, FBN Holdings Plc, UBA Plc and GTBank Plc were actively traded stocks on Tuesday.

“There was an early session dip in the index, however, a spike in STANBIC followed, helping the ASI to a mild recovery. Market activity slowed as the daily volume traded and turnover declined 18percent and 42percent respectively”, said Lagos-based analysts at Vetiva.

In their April 9 equity note, they stated what will shape the market on Wednesday. “While we do not expect any respite for the Nigerian bourse, we cannot rule out the possibility of investors taking position on beaten down prices across the board.

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“However, in the event the index sheds points, we anticipate a mild decline as bearish indicators soften (1.5x negative versus 2.3x negative on Monday),” the analysts stated.

Nascon led on the losers table after its share price decreased from N20 to N19.05, losing 95kobo or 4.75percent; ETI Plc followed from N11.25 to N10.5, losing 75kobo or 6.67percent; while Dangote Cement Plc was down from N185.5 to N185, losing 50kobo or 0.27percent.

Meanwhile, Stanbic IBTC Holdings Plc share price advanced most, from N43.2 to N46, up by N2.8 or 6.48percent, followed by GTBank Plc which rallied from N31.55 to N34, up by N2.45 or 7.77percent; and Nigerian Breweries Plc which increased from N60 to N60.2, adding 20kobo or 0.33percent.

 

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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