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Stocks On Nigerian Stock Exchange Extend Losing Streak By 0.19 Percent

Nigerian Stocks Exchange

Stocks on Nigerian Stocks Exchange (NSE) extended their losing streak on Thursday following mixed second quarter earnings of companies and anxiety over 2019 general elections.

The NSE All-Share Index shed 67.16 points or 0.19 per cent to stand at 36,232.66 from the 36,299.82 posted on Wednesday.

The index has fallen by 5.26 per cent year to date so far this year after appreciating by 42 per cent in 2017.

Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., in Lagos, attributed the persistent decline to political risk ahead of election and mixed sector quarter earnings announced by some companies.

Mr Omordion said that second-quarter earnings had been mixed with most commercial banks posting decline in loans growth, while several consumer goods companies recorded lower profits.

Also, the market capitalisation, which opened at N13.249 trillion, shed N21 billion to close at N13.228 trillion.

Source:Premium Times.

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