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Nairaland Forum / Nairaland / General / Investment / Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance (15249 Views)
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Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by fergie001: 12:00pm On Jun 16, 2019 |
Nigerian equities failed to fare well this week as negative sentiments from investors led to a N17 billion drop in market capitalisation of the Nigerian Stock Exchange (NSE). The stock market kick-started the week on a bearish note as the All Share Index (ASI) declined by 0.36 per cent to close at 30,322.19 points, following sell-offs of Consumer Goods & Banking stocks. Thus, the Month-to-Date and Year-to-Date losses increased to 2.40 and 3.53 per cent respectively while market capitalisation fell by N48 billion to close Monday at N13.354 trillion from N13.402 trillion. Tuesday’s session saw losses in the shares of Dangote Cement, Nigerian Breweries and Dangote Sugar which drove a 0.7 per cent loss in the benchmark index while market capitalisation fell N98 billion to close at N13.256 trillion while YTD loss further weakened to -4.3 per cent. There was no activity, however, on Wednesday as the Federal Government declared a holiday on June 12. Thursday’s session saw continued bearish run as the ASI shed 0.23 per cent to settle at 30,029.15 points following losses in the shares of Dangote Cement, Dangote Sugar and Access Bank. Consequently, market capitalisation dropped N31 billion to settle at N13.224 trillion while YTD loss worsened to -4.5 per cent. Friday’s session, however, saw a rebound in the stock market indices as the ASI recorded a marginal increase of 0.06 per cent to close the week at 30,046.70 points. Similarly, market capitalisation grew by N8 billion to close the week at N13.232 trillion. However, the figure represents a N17 billion drop in the value of equities. At the close of trading on Friday, 18 stocks appreciated in value while 12 others depreciated. Forte Oil topped the gainers’ chart with 9.91 per cent to close at N29.40 per share, Unity Bank was next with a gain of 9.38 per cent to close at 0.70 kobo, Royal Exchange increased by 9.09 per cent to close at 0.24 kobo, Courtville gained five per cent to close at 0.21 kobo while Wema Bank garnered 3.33 per cent to close at 0.62 kobo. On the flipside, Thomas Wyatt topped the losers’ chart with 8.33 per cent to close at 0.33 kobo per share. International Breweries followed with 7.25 per cent to close at N18.55, Jaiz Bank lost 4.17 per cent to close at 0.46 kobo, Fidelity Bank declined by 2.89 per cent to close at N1.68 while Africa Prudential fell by 2.58 per cent to close at N3.40. GT Bank topped the activity chart with the sale of 55.72 million shares valued at N1.71 billion. Access Bank traded 16.00 million shares worth N100.76 million while UBA sold 7.74 million shares worth N47.45 million. Overall, the volume and value of stocks traded stood at 145.27 million units and N2,83 billion respectively in 2,445 deals. Analysts noted that the market situation was down due to the current state of the economy, but added that the market would bounce back. According to the Managing Director, Crane securities, Mike Eze, a more working relationship between the government and market stakeholders is needed to stimulate positivity in the economy as well as the capital market. “You know that the market is very sensitive and information driven, the economy is unstable at the moment, hence the bearish run. However, what we want the government to do is to take up capital market instruments and stop taking up foreign loans as the market has the capacity to provide such liquidity. The bonds raised so far has been commendable, but they need to come up with more bond initiatives so as to raise enough capital, with that liquidity will be provided, but with government continuing to borrow capital from abroad, then the market will suffer”. Cordros Capital in an emailed note said: “Our outlook for equities in the short to medium term remains conservative, amidst absence of a positive catalyst. However, stable macroeconomic fundamentals remain supportive of recovery in the long term”. Meanwhile, the NSE in partnership with REDmoney Group, is set to hold the inaugural edition of the IFN Nigeria Forum with theme: “Harnessing the Islamic Finance Sector for Infrastructure Development and Economic Growth”, this week at the Eko Hotels and Suites, Lagos. The forum is aimed at promoting the growth and development of the Nigerian Islamic Finance industry and facilitate the growth of a new asset class in the capital market. The IFN Nigeria Forum 2019, which would be headlined by Ms Mary Uduk, acting Director-General, Securities and Exchange Commission (SEC), would bring together a stellar line-up of speakers, comprising senior industry players, decision makers, regulators and investors, to exchange views and experiences on opportunities in the Nigerian Islamic finance market. https://www.sunnewsonline.com/investors-lose-n17bn-in-4-days/ L |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by omoolorire(m): 12:17pm On Jun 16, 2019 |
Anyhow |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by trapQ: 6:02pm On Jun 16, 2019 |
K 1 Like |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by Nobody: 6:02pm On Jun 16, 2019 |
Fuckest shithole in the world 17 Likes 3 Shares |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by TANTUMERGO007(m): 6:03pm On Jun 16, 2019 |
Islam promotes fraud aswear 19 Likes |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by careytommy37(m): 6:03pm On Jun 16, 2019 |
Everybody run for cover. Islamic finance is just advanced communism. 20 Likes 1 Share |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by SojiCash(m): 6:03pm On Jun 16, 2019 |
Shit hole Country |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by Sundaypaul12345: 6:04pm On Jun 16, 2019 |
islamize? 4 Likes |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by Destroyerofyeeb: 6:04pm On Jun 16, 2019 |
I guess the N500bn that flatheadedd yamreee in Central Bank stole is starting to have effect. For Pete sake why would buhari keep such a criminal in Central Bank when it's obvious he helped the previous administration loot money through the central bank. 7 Likes 4 Shares
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Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by Nobody: 6:05pm On Jun 16, 2019 |
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Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by chidiebere2020(m): 6:05pm On Jun 16, 2019 |
God |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by Nobody: 6:05pm On Jun 16, 2019 |
Islam is a cursed!! Every about Islam is backwardness and poverty... 27 Likes 1 Share |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by franchasng: 6:06pm On Jun 16, 2019 |
Islamic finance - Hahahahahaha 14 Likes |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by Cletus77(m): 6:06pm On Jun 16, 2019 |
As investors hear "Islamic finance" Na so everybody pack their load o...them no fit shout ![]() 26 Likes 1 Share |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by AngelicBeing: 6:07pm On Jun 16, 2019 |
Hmmmm |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by iornenge81(m): 6:07pm On Jun 16, 2019 |
Ok |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by dante0147: 6:07pm On Jun 16, 2019 |
Japa! 5 Likes |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by Mosh1: 6:08pm On Jun 16, 2019 |
Destiny34:Las las, you will be OK. 4 Likes |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by AngelicBeing: 6:08pm On Jun 16, 2019 |
franchasng:Nigeria don cast, it is only floating like a piece of Bread on water ![]() 24 Likes 2 Shares
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Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by TANID(m): 6:10pm On Jun 16, 2019 |
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Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by TANID(m): 6:10pm On Jun 16, 2019 |
Hmmmm! |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by helinues: 6:11pm On Jun 16, 2019 |
It is only when investors lose money we read lsmentations.. How about when they have been making profits? 17bn lose in 4 days ? Investors having such confidence must have made reasonable profits 3 Likes |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by MrBONE2(m): 6:11pm On Jun 16, 2019 |
8 Likes 1 Share
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Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by Benekruku(m): 6:11pm On Jun 16, 2019 |
[s] Gratefulheart01:[/s] 1 Like |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by AbbeyvanPersie(m): 6:11pm On Jun 16, 2019 |
. |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by momodub: 6:12pm On Jun 16, 2019 |
Na wah |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by Bizlifelines201: 6:12pm On Jun 16, 2019 |
fergie001:All these misleading headlines. There's no real loss unless you are selling your stock for as long as your quantity of shares remain same.. 4 Likes |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by oduademonest: 6:15pm On Jun 16, 2019 |
The nse is s scam. 1 Like |
Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by Firefire(m): 6:30pm On Jun 16, 2019 |
[s] Destroyerofyeeb:[/s] 10 Likes 1 Share
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Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by nanauju(f): 6:39pm On Jun 16, 2019 |
Destroyerofyeeb: ![]() Na yamree matter go still kill you for this life. Cry cry baby ![]() 7 Likes 1 Share
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Re: Nigeria: Investors lose N17b in 4 days,as NSE set to accelerate Islamic finance by mapet: 6:39pm On Jun 16, 2019 |
The sad thing is all posters above me but 1 did not read the article. Even if they did, they are most likely not able to comprehend as they have demonstrated lack of capacity for rational thinking. 1. The headline is grossly misleading. There is no connection between Islamic finance and the alleged N17b decline. 2. When headlines (journalists) themselves are watery, why will unintelligent people not lap it and twist narratives. 3. For God's sakes these are normal market swings that portend both opportunities and losses. 8 Likes |
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