Nigerian Stock Market Loses N16 Billion on Monday

• Nigerian Stock Market Loses N16 Billion on Monday

Nigerian Stock Exchange failed to sustain its two days gain on Monday as weak sentiments weighed on the market.

The value of listed equities decreased by N16 billion from N11.849 trillion recorded on Friday to N11.833 trillion. While the Nigerian Stock Exchange All-Share Index depreciated by 0.13 percent from 32,456.98 points recorded on Friday to close at 32,413.48 points on Monday. Bringing the total year-to-date returns to -15.24 percent.

At the close of trading day, a total of 16 companies closed higher with Forte Oil Plc gaining the most.

However, 17 companies led by Unilever Nigeria Plc closed in the red to drag down the index.

“With the pervading risk-off sentiment across the globe and the expectation of nine-month 2018 earnings, we expect a mixed theme this week”, research analysts at Lagos-based United Capital said in their October 15 note.

This, coupled with the uncertainty surrounding the national election and possible rise in interest rates in the fourth quarter weighed on near-term economic outlook.