Nigerian Stock Market Dips Slightly on Monday

Trading floor stock exchange market nseTrading Floor Stock Exchange Market NSE
  • Nigerian Stock Market Dips Slightly on Monday

The Nigerian Stock Exchange market opened the week on a negative note as bearish trend continues.

The NSE All-Share Index declined slightly by 0.31 percent to close at 31,042.32 basis points on Monday. Bringing the year-to-date returns to -1.24 percent.

Market capitalisation closed lower from the N11.612 trillion recorded on Friday to N11.576 trillion on Monday, representing a decline of N36 billion.

A total of 12 equities recorded gains during the trading session, while 19 equities closed in the red.

Investors transacted a total of 168.72 million shares valued at N3.75 billion in 3,048 deals. This was lower than the 231.23 million shares worth N2.62 billion traded in 3,252 deals on Friday.

Investors are still holding back despite the success of the presidential election. Experts have attributed the continuous selloff to uncertainty surrounding government policy.

Analysts, however, expect the market to rebound in the near-term as the policy of the Buhari administration becomes clearer.

Volume traded dropped by 27.03 percent on Monday, down from 7.52 percent increase recorded on Friday.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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