Large cap stocks spur market’s new low

The Nigerian stock market furthered its negative trend on Thursday March 14, 2019, driven by values declines recorded by most largely capitalised stocks. At the sound of closing gong, no fewer than 8 stocks gained as against 20 losers. The value of listed stocks on the Nigerian Bourse decreased by N56 billion.

Nestle Nigeria Plc led on the losers table after its share price declined from N1, 549.9 to N1, 545 losing N4.9 or 0.32percent; while Dangote Cement Plc followed from N192 to N190, losing N2 or 1.04percent.

On the gainers table, Dangote Flour Mills Plc stock price advanced most from N9.5 to N10.3, adding 80kobo or 8.42percent; while Ikeja Hotel Plc followed after rising from N2.13 to N2.3, adding 17kobo or 7.98percent.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased by 0.48percent, while the Year-to-Date (ytd) return stood at -0.70percent. The All Share Index closed at 31,210.79 points as against the preceding day close of 31,360.28 points. Market Capitalisation closed at N11.639 trillion as against preceding day close of N11.695trillion.

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The volume of stocks traded decreased by 52.9percent, from 377.49million to 177.63million, while the total value of stocks traded increased by 13.18percent, from N2.26billion to N2.56billion in 2,635 deals. Zenith Bank Plc, Sterling Bank Plc, FCMB Group Plc, GTBank Plc and Fidelity Bank Plc were actively traded stocks on Thursday. The Financial Services sector led the activity chart with 156.2million shares exchanged for N2.24billion; while Consumer Goods followed with 7.64million shares traded for N242million.

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.