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Stock investors at the Nigerian Bourse booked approximately N170billion loss in the four-day trading week ended Friday June 14, 2019.
In the review week, some market analysts had expected bargain hunting on some down-beaten stocks following the preceding week’s negative performance and weak investor sentiment.
Rather, the stock market benchmark indicator decreased by 1.27percent in one week. Currently, the market’s return year-to-date (ytd) is in the negative region of -4.40percent.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) and market capitalisation decreased from a high of 30,432.13 points and N13.402 trillion in the trading week ended June 7 to 30,046.70 points and N13.232trillion respectively as at June 14.
“In the absence of a positive catalyst, we guide investors to trade cautiously in the short term. However, stable macroeconomic fundamentals as well as compelling valuation remains supportive of recovery in the mid-to-long term,” research analysts at Cordros Capital had said in their June 10 note.
Despite the positive close (+0.06) on Friday to end the week, analysts see the stock market drifting back to negative territory at week open due to absence of market catalysts or significant news that could boost investor appetite.
In their June 14 equity note, analysts at Lagos-based Vetiva highlighted that prices of stocks on the NSE remain attractive and pose a good entry point for long term investors.
At the NASD OTC market for unlisted securities, the market capitalisation increased to N542.14 billion from preceding week’s low of N541.24 billion, which shows a 0.17percent increase in Capitalisation.
Also the Unlisted Securities Index (USI) for the week ended June 14, 2019 recorded an increase from 753.35 points to 754.61 points.