Stock market continues downward movement, lose N90bn

The Nigerian stock market remains on the downward path following a record 0.59percent decline in the NSE All Share Index (ASI).

At the close of trading on Tuesday, the record positive returns seen this year decreased to +9.45percent.

NSE ASI decreased to 29,378.63 points from a high of 29, 552. 99 points while the value of listed stocks dropped further to N15.132trillion from N15.222trillion, representing N90billion loss.

In 4,561 deals, equity dealers exchanged 250,931,616 units valued at N4.829billion. Stanbic, Zenith, UBA, Fidelity and GTBank were actively traded stocks.

The market which saw negative return of 0.84 percent week-to-date (WtD) was aided by record losses in equities like Total Nigeria Plc, Flourmills, GTBank, Stanbic, and GlaxoSmithKline.

Total led the loser table after its share price dropped from N117 to N107, losing N10 or 8.55percent.

Flour Mills also decreased from N22.45 to N21.15, losing N1.3 or 5.79percent and, GTBank Plc which dipped from N32.1 to N31, losing N1.1 or 3.43percent.

With market breadth seen deep in the red zone and all major sub-sectors closing south, market watchers expect no deviation from this path on Wednesday except for unexpected positive movements in some large cap counters.

Julius Berger Nigeria Plc recorded the highest gain after its share price rose from N20.15 to N22.15, adding N2 or 9.93percent.

NAHCO followed after its share price advanced from N2.69 to N2.95, adding 26kobo or 9.67percent, and Vitafoam which moved from N5.3 to N5.5, adding 20kobo or 3.77percent.

In a related market development, the board of directors of Zenith Bank at its meeting on Tuesday January 28, 2020 approved among other things the audited accounts of the bank for the year ended December 31, 2019 and the payment of a final dividend.

 

Iheanyi Nwachukwu