NIGERIAN STOCKS SHED 0.29% AS INVESTORS, REACT TO NEWS OF EMIRATES’ INABILITY TO MOVE FUNDS
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Investors at the Nigerian Stock Exchange {NGX} Limited, and partially; foreign portfolio investors {FPIs} have reacted negatively to the shocking announcement that Emirates Airlines would suspend operations in Nigeria.
The news was announced on the floor of the Exchange, in the early hours of Friday, shortly before real trading activities resumed on the exchange floor, causing panic in selling Nigerian stocks during the trading day.
Despite the spike in crude oil prices, Nigeria has struggled to meet customers FX requests due to supply deficit.
However, due to theft and corruption, the country has not been able to generate additional money from crude oil sales.
On Thursday, the domestic stock market depreciated by 0.29% on profit-taking in almost all the key sectors of the bourse.
Only the banking sector closed in the green territory by 0.18% as the insurance space lost 1.41%, the industrial goods counter depreciated by 0.5%, the consumer goods index fell by 0.33%. In comparison, the energy counter declined by 0.10%.
Consequently, the All-Share Index {ASI} depleted by 144.79 points to 49,546.38 points from 49,691.17 points, while the market capitalization shed N78 billion to close at N26.724 trillion verse N26.802 trillion in the earlier session.
According to sources, investor sentiments were strongly weak yesterday as stock exchange ended with 24 depreciating stocks and 12 appreciating equities due to the disturbing development.
NEM Insurance lost 9.98 per cent to trade at N3.97, Okomu Oil depreciated by 9.96 per cent to N195.30, University Press went down by 9.91 per cent to N1.91, Lasaco Assurance shed 9.57 per cent to sell for N1.04, while Multiverse weakened by 8.70 per cent to N2.10
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