Nigeria’s Stock Market in Recession: NSE records N16bn Loss
Nigerian investors saw a huge loss on the stock market yesterday as the All-Share Index (ASI) dropped by 0.05%, resulting in a N16 billion decline.
Amongst the stocks that were hurt were Stanbic IBTC Holdings, Nigerian Breweries, Chemical & Allied Products (CAP), Multiverse Mining and Exploration and FCMB Group.
Despite this setback, United Capital Plc believes that risky investments will return to markets due to a low interest rate environment and investors should deploy dividend strategies to maximize profits.
Overall market sentiment was positive with 19 stocks gaining relative to 14 losers while Access, Cutix and University Press recorded the highest price increase at 7.14%.
At the other end of the spectrum, Ikeja Hotel led losses by 9.52% while Wapic Insurance and Stanbic IBTC Holdings lost 8.52% and 5.80%, respectively.
Total volume traded increased by 646.50% amounting to 1 172 billion units worth N2 877 billion in 3 066 deals.
Neimeth Pharmaceuticals had the most significant share transactions at 1 069 billion units worth N1 581 million followed by UBA’s 15 964 million valued at N128 784 million.
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