Nigeria’s stock market slumps by N479bn in June

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Nigeria’s stock market slumped by 3.55 per cent in June as investors recorded losses totalling N479bn.

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The market, which opened the month of June with a market capitalisation of N13.685tn, a value recorded on May 31, 2019, closed 1102.5 basis points lower at a market capitalisation of N13.206tn on Friday, June 28, which was the last trading day in the month.

After three consecutive weeks of losses, investors in the stock market gained N50.9bn in the last week of the month, which is also the last week in the first half of the year.

The market opened the year with a market capitalisation of N11.721tn, dropping to its lowest point during the year at N10.627tn on May 15, a day before MTN Nigeria Communications Plc’s listing on the Nigerian Stock Exchange.

MTN listed its shares on May 16, driving the market capitalisation up to N12.526tn as it added N1.8tn to the total market capitalisation.

The market capitalisation climbed further to N13.400tn on May 21 and N13.864tn on May 23, after which it started declining, dropping to as low as N13.048tn on June 26.

The market witnessed a rebound on June 27 as the market capitalisation gained N62bn to settle at N13.110tn, and a further N96bn on June 28 to settle at N13.206tn.

Analysts at Vetiva Capital Management Limited said while the election season and MTN listing were the two major factors that shaped market performance in H1, they believed the second half of the year would be primarily driven by economic policy direction (early appointment of cabinet members) and expected the listing of large corporates, among others.

They said, “While current cheap valuations on the exchange support an expectation for a market correction in H2’19, we expect the market to continue to exhibit a mixed trading pattern as investors remain wary of unimpressive macroeconomic conditions.”

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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