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Nigerian stocks on Monday, June 4, 2018 stopped a record loss path as investors moved to Custom Street in search of short-term gains.
Investors showed interest in largely capitalised stocks like Nigerian Breweries Plc, Guaranty Trust Bank Plc, 11 Plc (Mobil Oil Nigeria Plc), Zenith Bank Plc, and Forte Oil Plc.
Lagos-based United Capital analysts had in their June 4 investment view for this week said they expect equity investors to hunt for bargains.
Nigerian stocks lost about N900billion last week triggered by profit-taking after the January surge. Analysts said the turn in sentiment was sustained by the early onset of political jitters ahead of the February 2019 Elections and possible capital reversal as a result of monetary policy tightening in the United States.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) and market capitalisation which stood at 36,816.29 points and N13.33trillion respectively on Friday June 1, 2018 closed Monday, June 4, 2018 at 36,947.10 points and N13.383trillion. While the NSEASI increased by 0.36percent, the market cap increased by N53billion.
Stock traders in 6,016 deals exchanged 314,428,748 units valued at N7.033billion. GTBank Plc, Sovereign Trust Insurance Plc, FBN Holdings Plc, Diamond Bank Plc, and Zenith Bank Plc were actively traded stocks on the Bourse. Twenty-one (21) stocks gained as against 21 losers even as the stock market year-to-date (YtD) return remains negative at 3.39percent.
Nigerian Breweries Plc stock recorded the biggest advance, from N103 to N106, gaining N3 or 2.91percent; followed by GTBank Plc which gained N1.75 or 4.53percent, from N38.65 to N40.4; while 11 Plc stock price rose from N164.5 to N166, adding N1.5 or 0.91percent.
Presco Plc stock price declined most by N3.75 or 5percent, from N75 to N71.25, followed by International Breweries Plc which lost N1.2 or 2.99percent, from N40.2 to N39; and PZ Cussons Nigeria Plc which also dipped from N21.85 to N20.8, recording a loss of N1.05 or 4.81percent.
For investors in bond market, the Federal Government of Nigeria (FGN) Savings Bond offer for June opened on Monday the 4th of June 2018 and it will remain open for five days till the 8th of June 2018. The Debt Management Office (DMO) is offering the 2-Year FGN Savings Bond due June 13, 2020 at 10.344 percent coupon rate; while 3-Year FGN Savings Bond due June 13, 2021 is offered at 11.344percent coupon rate.
Iheanyi Nwachukwu
