Political hiccups deflate stock market

By
…as investors lose N105 bn in 3 days
By Peter Egwuatu
Just within the first three trading days of this week, the Nigerian stock market fully reversed the fortunes it garnered in the     first month of the trading year 2019, recording a whopping N105 billion losses to investors.
Specifically, NSE market capitalisation which represents investors worth on the Exchange closed at N11.614 billion from N11.719 billion it closed last Friday, pulling the Year to Date, YtD, performance back from green territory to red, at -0.9 percent.
The market had moved from the red position in the first week of this year to green after over two weeks steady gains up till last Friday.




Nigerian Stock Exchange
Capital market operators have attributed the reversal of the market to the worsened political tension involving the presidency and the judiciary arm of the government over the suspension of the Chief Justice of Nigeria, CJN, Justice Walter Onnoghen.

Meanwhile, activity level at the market yesterday was, however, mixed as volume traded declined 30.2 percent to 247.6million units while value traded advanced by 63.4 percent to close at N3.1bilionn.

Zenith Bank (56.4million units), Access Bank (36.2million units) and Sterling Bank (32.3million units) led the top trades by volume while Zenith Bank (N1.3billion), Nigerian Breweries (N844.0million) and Access Bank (N218.1million) were the top traded stocks by value.

Performance across sectors was bullish as four of 5fiveindices closed in the green. The Banking index appreciated the most gaining 2.4percent due to bargain hunting in Guaranty Trust Bank, (+0.6 percent) and Zenith   Bank(+0.2 percent), trailed by the Oil & Gas index, up 1.4 percent on account of buy interests in Seplat Petroleum (+2.9 percent) and Oando Plc (+1.0 percent). Additionally, Insurance and Industrial Goods indices inched higher, up 0.9 percent and 0.2 percent respectively following gains in Custodian & Allied (+1.5 percent ), Linkage Assurance   (+8.9 percent) and Beta Glass (+7.8 percent ).

On the negative side, the Consumer Goods index shed 0.8 percent on the back of selloffs in Guinness (-8.5 percent) and Flour Mills (-2.1 percent).

Investor sentiment as measured by market breadth showed that 23 stocks advanced against 19 that declined. Cornerstone (+10.0 percent ), Mutual Benefit (+10.0 percent) and ABC Transport   (+9.7 percent) were the top performing stocks   while Air Service (-9.8 percent ), LASACO Assurance (-9.4 percent ) and MC Nichols (-9.1 percent ) led laggards.

Analysts at Afrinvest Research said: “We maintain a bearish outlook on the market in the near term as investors book profits following the prior week’s rally in the equities market.”

Source:https://samueljackson12.blogspot.com/2019/01/political-hiccups-deflate-stock-market.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