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Stock Investors Lose N53 Billion on Monday

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Egypt Stocks
  • Stock Investors Lose N53 Billion on Monday

Nigerian Stock Exchange opened lower on Monday to sustain its bearish trend as investors continue to sell their holdings.

The market capitalisation of listed equities declined from N13.606 trillion on Friday to N13.553 trillion on Monday, representing a decline of N53 billion. While the NSE All-Share Index (ASI) dipped by 110.9 points or 0.40 percent to 27,808.60 points, down from 27,919.50.

A total of 19 stocks closed in the red to weigh on the entire exchange as only 14 stocks recorded gain.

“We retain our cautious trading advice in the short run. However, accumulation of fundamentally justified and dividend paying stocks for mid to long term is recommended,” said analysts at APT Securities and Funds Limited.

However, the market is expected to close higher today as President Buhari has finally submitted the ministerial list to the National Assembly.

Traders, who have blamed the weak sentiment on lack of economic team months after general elections, are delighted at the news from the Senate earlier today (Tuesday).

Therefore, we will expect a slight improvement in buyers interest as they look to get in at a better price.

The Senate is expected to confirm the 43 nominees before going on break this Friday.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.