Nigerian stock market sheds $473 million as investors await economic and policy direction

Nigerian stocks market closed negative on Monday as shedding $473 million (N170.58 billion) as investors await economic and policy directions after 2019 elections.

Nigerian Stock Exchange in session

The All Shares Index (ASI) depreciated by 1.53% to close at 29,162.24 points as against 0.21% appreciation recorded last Friday. Its Year-to-Date (YTD) returns currently stands at -7.22%. 

Tajudeen Ibrahim, head of research at investment firm Chapel Hill Denham told Reuters that the market sentiment is weak and not encouraging.

Investors are looking beyond corporate actions that have been announced so far. They are looking for a broader catalyst like government policy or macro announcement that suggest growth for the economy is becoming better,” Reuters quoted him as saying. 

Since the election of President Muhammadu Buhari last month, investors are keenly waiting for policy direction from the APC- led government. 

Analysts also expect Buhari-led government characterised as 'Baba Go Slow' to hit the ground running and reel out policies that will lift the economy. 

Here are the stocks that dipped the Nigerian market:

  • Dangote Cement 1.85%
  • Stanbic IBTC 6.59%
  • Guinness 3.92%
  • Guaranty Trust Bank (GTBank) 2.86%
  • Union Bank of Nigeria (UBN) 7.14%

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

4 side effects of being a virgin for too long, according to research

4 side effects of being a virgin for too long, according to research

KDF moves to forcibly acquire Sh 500M supermarket land in Nairobi

KDF moves to forcibly acquire Sh 500M supermarket land in Nairobi

Zari Hassan lectures Tanzanians over her viral black innerwear video

Zari Hassan lectures Tanzanians over her viral black innerwear video

Where is Mr Tembo? Ex-Tahidi High principal resurfaces [Video]

Where is Mr Tembo? Ex-Tahidi High principal resurfaces [Video]

DP Ruto's firm wins Sh190M Nairobi county gov't tender

DP Ruto's firm wins Sh190M Nairobi county gov't tender

Diana Marua hospitalized, Bahati gives update [Photos]

Diana Marua hospitalized, Bahati gives update [Photos]

Betty Kyallo shares photos of the first Subaru she bought after joining KTN

Betty Kyallo shares photos of the first Subaru she bought after joining KTN

North Korean man who smuggled 'Squid Game' into the country to be sentenced to death

North Korean man who smuggled 'Squid Game' into the country to be sentenced to death

Yvette Obura’s heartwarming message to Diana Marua excites Kenyans

Yvette Obura’s heartwarming message to Diana Marua excites Kenyans