The Nigerian stock market opened this week on a negative note. Investors lost approximately N303billion at the close of trading on Monday May 27, 2019. The value of listed stocks decreased to N13.299 trillion from a preceding day high of N13.602 trillion. The All Share Index (ASI) also declined by 2.21percent from 30,881.29 points to 30,194.71 points. Year-to-date (ytd), the stock market is down by 3.92percent.
MTNN led the losers table after its share price decreased from N140 to N130, losing N10 or 7.14percent. Dangote Cement Plc followed after a record dip from N200 to N192, losing N8 or 4percent. Forte Oil Plc was down from N27.8 to N27.45, losing 35kobo or 1.26percent.
On the gainers table, Unilever Nigeria Plc led the pack after its share price went up, from N31 to N33.7, up N2.7 or 8.71percent. ETI Plc advanced from N10.05 to N11, up by 95kobo or 9.45percent. Dangote Flourmills Plc was up from N16.1 to N16.6, adding 50kobo or 3.11percent.
Following a bullish performance last week, market analysts at Afrinvest expect sell-pressures this week “as investors look to take profit on stocks that have recorded strong gains.”
In 3,654 deals, stock dealers exchanged 148,213,300 units valued at N2.217billion. Fidelity Bank Plc, Access Bank Plc, UBA Plc, MTN Nigeria Communications Plc, and Zenith Bank Plc were actively traded stocks on the Nigerian Bourse.
Amid this trades, Vetiva research analysts in their May 27 note expect activity to improve on Tuesday, they do not see activity returning to levels observed last week.
“Though market sentiment is still skewed negative, current prices provide a good entry point for medium to long-term investors. We believe DANGCEM & MTNN will also play major roles in tomorrow’s performance”, the analysts said.
Iheanyi Nwachukwu
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