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Stock market opens new month on a negative note

Nigeria stock market opened this new month on a negative note. This comes despite expectations that investors will lock in value stocks with attractive dividend yields in anticipation of the December rally.

The NSE All Share Index (ASI) decreased by 0.04percent while its year-to-date (YtD) negative performance increased to -14.13percent.

The NSEASI moved from 27,002.15 points to 26, 990.59 points. Investors lost about N5.58billion as 12 stocks gained while 17 lost their day-open values.

Cement Company of Northern Nigeria Plc led the losers table after its share price moved down from N20 to N19, losing N1 or 5percent, followed by UACN Plc which dipped from N8 to N7.3, after losing 70kobo or 8.75percent.

Recently positive sentiment at the Nigerian Bourse may have stopped as economic catalysts remain absent.

In 3,093 deals, equity traders exchanged 246,507,806 units valued at N2.436billion. The value of listed equities decreased to N13.027trillion. Unilever Plc rose from N16.1 to N17.7, adding N1.6 or 9.94percent, while International Breweries Plc  advanced from N9.4 to N10 adding 60kobo or 6.38percent.

Iheanyi Nwachukwu

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