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%
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