Stock market loses N189bn as investors take profit after recent rally
Nigeria’s equities market lost about N189billion on Monday November 18, 2019 as many investors rushed to Custom Street to take profit on stocks after last week’s rally which had lifted stocks value up by N300billion.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) depreciated by 0.60percent to close at 26,691.09 points as against 26,851.68 points recorded previously. Its Year-to-Date (YtD) returns currently stands at -15.08percent. The value of listed equities decreased from N13.071 trillion to N12.882trillion. In 4,609 deals, equity investors exchanged 307,961,462 units valued at N2.538billion.
The market recorded the huge loss despite that 22 stocks gained as against 11 losers. UACN, Zenith Bank, UBA, Access Bank, and FBN Holdings were actively traded stocks.
“In a market with T-bill rates below the level of inflation it is not surprising that investors look for alternatives: long-dated bonds and equities”, research analysts at Coronation Merchant Bank said in their November 18 note.
Okomu Oil Palm Plc recorded the highest loss after its share price declined from N52.95 to N50, losing N2.95 or 5.57percent, followed by Access Bank Plc which declined from N10.5 to N9.8, after losing 70kobo or 6.67percent.
On the gainers table, Guinness Nigeria Plc advanced most, from N28.6 to N31, adding N2.4 or 8.39percent, while Stanbic IBTC Holdings Plc followed from N38 to N39, adding N1 or 2.63percent.