NSE Dips for the First Time this Year

• NSE Dips for the First Time this Year

The Nigerian Stock Exchange declined for the first time this year on Tuesday as stock investors locked-in gains after a positive start to the year.

The NSE-All Share index declined by 1.81 percent to 29,633.58 points while market capitalisation of listed equities moderated from N15.287 trillion recorded on Monday to N15.106 trillion, representing a decline of N181 billion.

A total of 666.78 million shares valued at N6.52 billion were traded in 5,711 deals during the trading hours on Tuesday.

The bourse has gained a total of 10.4 percent since the beginning of the year despite losing 17.9 percent in 2018 and 14.6 percent in 2019. However, analysts at WSTC Financial Services Limited thinks the new bullish run could be sustained given new economic policies.

“We expect the trend to reverse in 2020 on the back of lower finance cost for companies, implementation of the minimum wage, and the quick passage and the implementation of the 2020 budget.”