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Nigeria’s stock market routed to the south on Thursday July 2 reconfirming our earlier report that investors should still approach the market with caution as odds favour the bears in early part of this second-half (H2).
Sell pressure on stocks like Unilever Nigeria Plc, GTBank Plc, Flourmills Nigeria Plc, Zenith Bank Plc and Cadbury Nigeria Plc contributed to the record capital depreciation in excess of N115billion.
The market’s negative return year-to-date (ytd) stood high at -9.19percent; this month it’s down by -0.43 percent; while it has dipped by -1.83 percent this week.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased by 0.90 percent or 220.65 points as the close of ongoing remote trading session to 24,374.40 points from preceding day high of 24,595.05 points. The value of listed stocks decreased from N12.830trillion to N12.715trillion.
Stock dealers in 3,889 deals exchanged 180,121,697 units valued at N1.847billion.
Despite a positive open to the H2, investors should still keep an eye on economic data that will indicate the shape of economic recovery.
Oil prices rose on Thursday as a sharp drop in oil stockpiles outweighed concerns that a spike in US coronavirus infections and revived lockdown measures in California could stall a recovery in fuel demand.
Brent crude futures were up 21 cents or 0.5 percent at $42.24 a barrel by 1114 GMT, after rising 1.8 percent in the previous session.
At the Nigerian Stock Exchange, Unilever share price decreased most from N15.3 to N13.8, after losing N1.5 or 9.80percent. GTBank Plc followed after its share price decreased from N21.85 to N20.7, losing N1.15 or 5.26percent.
In the same manner, Flourmills decreased from N18.65 to N17.65, shedding N1 or 5.36percent. Zenith Bank was also down from N15.7 to N14.8, shedding 90kobo or 5.73percent, while Cadbury dipped from N7.4 to N6.75, shedding 65kobo or 8.78percent.
