Stock market loses N90bn as sell pressure weighs

Amid renewed sell pressure on the Nigerian Stock Exchange (NSE), the value of listed stocks (market capitalisation) decreased on Thursday by about N91billion to N18.102billion, from preceding day high of N18.193trillion.

Week-to-date (WtD) the market has decreased by -1.12 percent. The All Share Index (ASI) –the benchmark performance indicator of the Nigerian Stock Exchange (NSE) –decreased by +0.50 percent, from preceding day high of 34,818.01 points to 34,643.65 points at the close of trading session. The market’s positive return year-to-date (YtD) stood lower at +29.06percent.

Stocks that were mostly offered for sale include Presco Plc which dropped most, from N79.75 to N71.8, losing N7.95 or 9.97 percent. Stanbic IBTC Plc followed after dipping from
N44.85 to N43, down by N1.85 or 4.12percent. GTBank Plc stock price went down from N37 to N35.8, losing N1.2 or 3.24 percent.

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By Iheanyi Nwachukwu • November 19, 2020

Iheanyi Nwachukwu

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.