Nigerian stock investors are caught in the web of huge loss value at approximately N126billion in just four trading days into this week.
The value of listed stocks on the Nigerian Stock Exchange (NSE) has depleted remarkable compared with its week-open position.
The market still underperforms despite market watchers expectation that investors would begin to cherry pick fundamentally sound stocks as we approach first-half (H1) 2019 earnings season.
On Thursday June 20, the stock market recorded moderate loss at the close of trading session, pushing the market capitalisation to new low of N13.107trillion as against preceding trading day’s high of N13.119trillion.
The stock market opened this week with cumulative value of listed equities at N13.233 trillion.
At the sound of closing gong by 2:30pm on Thursday, the Nigerian Stock Exchange (NSE) All Share Index (ASI) closed lower by 0.02percent to 29,765.31 points as against preceding day’s high of 29,772.72 points.
In 3,977 deals, stock traders exchanged 275,487,479 units valued at N3.907billion. Sterling Bank Plc, Lafarge Africa Plc, Access Bank Plc, GTBank Plc, and Zenith Bank Plc were actively traded stocks on the Nigerian Stock Exchange.
Forte Oil Plc recorded the biggest loss on the Bourse after its share price decreased from N34.65 to N31.2, losing N3.45 or 9.96percent; followed by MTN N Plc which decreased from N132 to N130, after losing N2 or 1.52percent.
Meanwhile, the share price of Julius Berger Nigeria Plc advanced most, from N19.5 to N20.9, adding N1.4 or 7.18percent; while Lafarge Africa Plc went up from N9.55 to N10.5, adding 95kobo or 9.95percent.
“The market had little to no reaction to the appointment of a new NNPC head by President Buhari. In the absence of any market drivers to sway the market, we foresee another session of mixed to positive trading tomorrow”, equity research analysts at Lagos-based Vetiva said in their June 20 note.
