Nigeria’s market failed to record  positive investors’ patronage on Tuesday July 21 despite cheap valuations of a number of fundamentally justified stocks.
The market’s negative close was driven by stocks like Dangote Cement Plc which led the laggards after its share price moved from N126 to N122, losing N4 or 3.17percent.
The stock market decreased further by about N50billion or 0.39percent at the close of trading session. Only this week it has dipped by 0.47percent; this month it has lost 1.24 percent of its value while this year its negative return increased to 9.94percent.
Other companies that made top losers’ list include CAP Plc which decreased from N20.65 to N18.95 after shedding N1.7 or 8.23 percent.
International Breweries Plc was also down from N3.8 to N3.45, losing 35kobo or 9.21percent. Eterna Plc dropped from N2 to N1.8, losing 20kobo or 10percent while Zenith Bank Plc share price moved from day open high of N15.65 to N15.55, losing 10kobo or 0.64percent.

 

Related News
“We expect investors to take advantage of bargain hunting opportunities in fundamentally strong names and hold for the long term. Investors could gravitate towards stocks with track records of high profitability, low financial leverage, and less margin volatility amidst the current macro vulnerabilities”, said CardinalStone research analysts in their July 21 note.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased to 24,174.45 points on Tuesday July 21 while the value of listed stocks decreased to N12.610trillion as against preceding trading day high 24,269.58 points and N12.660trillion respectively.
In 3,500 deals investors exchanged 304,185,443 units valued at N3.268billion.
More from our Markets Column
Read Next
Notore hits NSE milestone as FG validates record of 10 million man-hours without lost time incident

Notore hits NSE milestone as FG validates record of 10 million man-hours without lost time incident

By Iheanyi Nwachukwu • July 22, 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.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp