The Nigerian equities market journeyed further into the negative territory on Tuesday June 18, 2019, despite a relatively even split between gainers and losers. Twenty (20) stocks gained led by Mobil Oil Plc as against 21 losers led by Nestle Nigeria Plc.
At the sound of the closing gong for stocks trading on the Nigerian Stock Exchange (NSE), the All Share Index (ASI) decreased by 0.39percent, pushing the year-to-date (ytd) return further into the negative territory (-5.13percent).
The All Share Index closed at 29,818.80points as against the preceding day’s close of 29,936.33 points while Market Capitalisation closed at N13.140 trillion against preceding day’s close of N13.192 trillion, indicating a loss of about N52billion.
Despite record spike in market activity in the last two sessions on the back of large volume transactions on select banking names, bearish sentiment on the Bourse still led to record negative closes.
Analysts foresee another poor performance by the All Share Index on Wednesday in the absence of catalysts to drive the market back to life.
The volume of stock traded increased by 1.65percent, from 2864.95million to 2912.25million, while the total value of stocks traded increased by 186.20percent, from N3.92billion to N11.22billion in 3,324 deals.
Wema Bank Plc led the activity chart after its 2.399billion units were exchanged for N1.475billion; while 409.965million units of Zenith Bank shares were exchanged for N8.200billion. Other actively traded stocks include that of Access Bank Plc, UBA Plc, and GTBank Plc.
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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.
