Nigerian stock market was down by 0.16 percent on Tuesday October 15 as thirteen (13) equities recorded new lows as against 7 advancers.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) depreciated to close at 26,513.65 points as against 26. 557.44 points recorded previously.

In 2,484 deals, equity dealers exchanged 174,414,493 units valued at N2.317billion. Access Bank Plc, GTBank Plc, FCMB Plc, Global Spectrum Energy Services Plc and Transcorp Plc were actively traded stocks.

The stock market’s year-to-date (YtD) returns stood at -15.64percent. The value of listed equities stood at N 12.906trillion.

The market’s new low offers value hunters and investors with medium-to-long term view the opportunity to buy stocks with good fundamentals, thereby positioning for year-end rewards like dividend income and possible capital appreciation.

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MTN led the loser league after its share price dropped from   N130 to N129, losing N1 or 0.77percent, followed by GSK which declined from N7.1 to N6.4, after losing 70kobo or 9.86percent; and Dangote Flourmills Plc which lost 55kobo or 2.39percent, from N23    to N22.45.

On the gainers table, Cement Company of Northern Nigeria Plc advanced most, from     N15.2 to N15.85, adding 65kobo or 4.28percent, NAHCO Plc followed after rising from N2.33 to N2.45, adding 12kobo or 5.15percent, and United Capital Plc which moved up from N2.03 to N2.1, adding 7kobo or 3.45percent. Analysts expect mixed trading partner on Wednesday.

 

Iheanyi Nwachukwu

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By Iheanyi Nwachukwu • October 16, 2019

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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