Investors lose N31b amid heightening political tension

By
Aerial view of buildings and markets on Lagos Island.

• Analysts predict gloomy market ahead of 2019 polls
Fears that the heightening political uncertainties may trigger a pull back in the equity market to halt the bullish run witnessed in the past few days became a reality yesterday, as investors lost N31 billion.

Analysts had predicted that the move by government to suspend the Chief Justice of Nigeria (CJN), Walter Onnoghen, about three weeks to the Presidential poll would ultimately have a negative impact on investors’ confidence in the market this week.

Specifically, after three consecutive sessions of bargain-hunting, the All-share index Monday, declined by 82.39 absolute points, representing a decrease of 0.26 per cent, to close at 31,344.24 points. Similarly, market capitalisation lost N31 billion to close at N11.688 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Seplat Petroleum Development Company, Berger Paints, United Bank for Africa (UBA), Dangote Flour, and Glaxo Smithkline Consumer Nigeria.

Analysts at Afrinvest Limited, said: “In line with our expectation, we experienced some profit-taking in today’s trading session. While we maintain a bearish outlook in the near term, we do not rule out the possibility of bargain-hunting in fundamentally sound stocks.”

Similarly, Investdata Consulting Limited, said: “The possibility of slowdown in position-taking on blue-chip stocks for short term gains has increased; however, gains recorded in the two previous weeks are not sustainable in the near term owing to the elevated risk in the domestic and external markets.

“The ongoing volatility will persist as investors and fund managers reposition their portfolios, with eyes fixed on political space and ahead of full year company earnings position, and post-election market dynamics. These are likely to drive prices north, or south, while determining market direction before or after the presidential election.

“Investors should review their positions in line with their investment goals, strength of the company numbers and act as events unfold in the global and domestic environment.
However, we would like to reiterate our advice that investors should go for equities with intrinsic value.”

Further breakdown of yesterday’s transactions showed that market breadth closed negative with 10 gainers against 30 losers. NPF Microfinance Bank recorded the highest price gain of 9.59 per cent to close at N1.60 per share. Union Diagnostic & Clinical Services followed with a gain of 7.41 per cent to close at 29 kobo, while Oando rose 5.15 per cent to close at N5.10 per share.

University Press appreciated by five per cent to close at N2.10, while Total Nigeria rose 4.10 per cent to close at N223.30 per share.

On the other hand, Berger Paints led the losers’ chart with 9.68 per cent to close at N7, while Consolidated Hallmark Insurance followed with 8.57 per cent to close at 32 kobo per share.
McNichols declined 7.69 per cent to close at 36 kobo, while AG Leventis, and Royal Exchange fell 6.45 per cent each to close at 29 kobo, each, per share.

Investors traded a total share volume of 222.69 million valued at N1.84 billion in 4,150 deals. Fidelity Bank traded with 23.77 million shares valued at N56.66 million. UBA followed with 21.89 million shares worth N162.02 million, while Diamond Bank traded 21.21 million shares valued at N48.48 million.
Transnational Corporation of Nigeria (Transcorp) traded 20.84 million shares valued at N26.34 million, while FCMB Groups transacted 20.12 million shares worth N42.47 million.

Source:https://samueljackson12.blogspot.com/2019/01/investors-lose-n31b-amid-heightening.html

Comments

Post a Comment

Popular posts from this blog

Prostitution; Nigerian Women At Growing Risk From Human Traffickers In Germany.

By
Image
According to InfoMigrants, Nigerian women are at growing risk from traffickers in Germany who exploit and engage them in prostitution. Read the full report below by InfoMigrants. The new prostitute protection law in Germany was meant to identify victims of human trafficking – most of them migrant women. More than 18 months after the law came into effect, thousands continue to be targeted for exploitation, and the risk for Nigerian women seems to be increasing. There are campervans parked by the roadside. Some have hearts painted on them, one says “girls, girls” in red letters. It’s an easy matter for someone to stop for a quick transaction in one of these Love-Mobiles – sex with one of the “girls” in exchange for the going rate. Prostitution is mainly legal in Germany, as are these mobile brothels. But many of the women in the business – including those working from the Love-Mobiles – are victims of illegal human trafficking. Most of the women are from Eastern Europe or Nige
Read more

FULL TEXT: A sacrifice for our new political order – Ezekwesili

By
Image
“When the ACPN leadership approached me in a series of visits to appeal that I run for office on their platform, the party appeared to be a good fit. It was founded by some disgruntled PDP members some years ago, but when its prime founder decided to return to the PDP, a core of its membership refused to move back with him. I was told that they stayed back because of their opposition to the ways of the PDP. Considering my vocal disapproval of the PDP and the APC, I admired the ACPN’s decision to stand firm and refusal to be co-opted.” It has been an interesting one week since I made the tough but necessary decision to suspend my campaign for the presidency. I have been truly overwhelmed by the reactions to my announcement from Nigerians. Even in airports outside the country as I travelled last week, Nigerians walked up to me with questions, concerns, encouragement, and motivation. I also saw disappointment by some who had poured their hearts and hopes into actualising our mission
Read more

Update On Slay Queen Who Was Stripped Naked And Tortured Over Missing Phone.

By
Image
The League of Patriotic Lawyers has given Edo State Commissioner of Police, Mr. Olusegun Odumosu, 24 hours to unravel those behind the torture and insertion of pepper into a girl’s private part in Benin City over alleged stealing of a mobile phone.  Chairman of the platform and former Student Union President of the University of Benin, Mr. Abubakar Yesufu, who said this in a statement yesterday, also urged the state Director, Department of State Services, DSS, to be involved in the investigation. A video of the incident, seen by Vanguard yesterday, showed the girl being stripped naked by a group of people, who inserted pepper into her private parts for allegedly stealing a phone. The unidentified girl was heard crying and saying she didn’t steal any phone, while she was being humiliated by the crowd. Yesufu said: “The League of Patriotic Lawyers has given the Edo State Commissioner of Police 24 hours to arrest and commence prosecution of all the street urchins behind this ba
Read more