Stock market lose N134bn first day of trading in 2019

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Stock Market
Thursday, January 3,2018
The Nigerian Stock Exchange opened the trading year 2019 negative prompting investors to lose about N134 billion on the first day of trading.

The last day of the year 2018 witnessed unprecedented bullish rally on the Nigerian bourse with a gain of N383 billion.

However, the low sentiment might not be unconnected with the low turnout of stock brokers and other operators. A lot of people expected that market would begin with full force due to the long holiday but investigation by New Telegraph showed that many operators have not returned to their trading machines at the stock market.

Aside the low turnout, some market analysts have advised that investors should trade cautiously in the short to medium term, as sell-offs are likely to persist, amidst growing political and security tension ahead of 2019 general polls.

Consequently, the All-Share Index dropped by 360.44 basis points or 1.15 per cent to close at 31, 070.06 basis points as against 31,430.50 recorded the previous day while the market capitalisation of equities depreciated by N134 billion to close at N11.586 trillion from N11.720 trillion as market sentiment returned on the red zone.

Market breadth closed negative as Julius Berger led 18 gainers as against 26 losers topped by Nigeria Breweries at the end of the day’s session- an unimproved performance when compared with previous outlook.

Market turnover closed negative as volume moved down by -76.93 per cent as against -52.63 per cent recorded in the previous session. Diamond Bank Plc, Sovereign Trust Insurance Plc and Access Bank Plc were the most active to boost market turnover. Zenith Bank Plc and Guaranty Trust Bank Plc topped market value list.

International Breweries led the list of active stocks that recorded impressive volume spike at the end of the day’s session.

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