Nigerian Stock Exchange Market Hit New Low

• Nigerian Stock Exchange Market Hit New Low

The market value of the Nigerian Stock Exchange declined from N12.941 trillion recorded last week to N12.928 trillion on Monday. Bringing the average year-to-date return to -7.41 percent.

The Nigerian All-Share Index dropped from its opening index of 35,446.47 points to close at 35,410.61 points.

All sectoral indices closed in the red, underlining the widespread selloffs across the sectors. The NSE Banking Index declined by 0.8 per cent. The NSE Insurance Index dropped by 0.5 per cent. The NSE Oil and Gas Index dipped by 0.3 per cent while the NSE Consumer Goods Index and NSE Industrial Goods Index slipped by 0.01 per cent each.

“We expect the bearish performance to be sustained till midweek as investors continue to take profit following some unimpressive first half 2018 releases,” analysts at Afrinvest Securities stated.

Guinness Nigeria led the 26-stock losers’ list with a drop of N4 to close at N90. Flour Mills of Nigeria followed with a loss of 60 kobo to close at N24. Oando and United Bank for Africa (UBA) declined by 30 kobo each to close at N5.25 and N9.15 respectively while Guaranty Trust Bank (GTB) and Dangote Sugar Refinery lost 20 kobo each to close at N38.80 and N15.30 respectively.

Total turnover stood at 160.43 million shares valued at N2.21 billion in 3,120 deals. UBA was the most active stock with a turnover of 30.6 million shares. FBN Holdings followed with a turnover of 14.0 million shares while GTB placed third with a turnover of 13.9 million shares.