Lagos- Mr Okechukwu Unegbu, former President, Chartered Institute of Bankers of Nigeria (CIBN), on Monday expressed optimism that the ongoing profit taking in the nation’s bourse would slow down after the forthcoming general elections.
Unegbu told the News Agency of Nigeria (NAN) in Lagos that “wait and see” attitude adapted by investors would be a thing of the past after the elections.
He called on local investors to take advantage of low price of equities and increase their stake in the nation’s bourse.
Unegbu appealed to investors to stop panicking, adding that the elections would come and go like other past elections.
He said that local and foreign investors should retain their confidence in Nigeria because there would be life after the elections.
Unegbu attributed the downward trend in the market to persistent profit taking embarked upon by speculators.
He said that the market would experience a boost after the elections, noting that “now is the best time to buy stocks”.
Unegbu also called on the Federal Government to ensure free and fair election to boost investors’ confidence in the economy.
He said that capital market regulators should map out strategies aimed at increasing local participation in the market.
NAN reports that the All-Share Index lost 1385.13 points or 4.51 per cent to close at 29,334.23 points against 30,719.36 points posted in the preceding week due to price losses.
Also, the market capitalisation, which opened at N10.251 trillion, lost N462 billion or 4.51 per cent to close at N9.789 trillion, compared with N10.251 trillion recorded in the corresponding week.
African Prudential Registrars topped the losers’ chart, shedding 22.58 per cent or 70k, to close at N2.40 per share.
Zenith International Bank followed with a loss of 19.95 per cent or N4.11 to close at N16.49, while Dangote Flour Mills shed 17.85 per cent or 63k to close at N2.90 per share.
On the other hand, Honeywell Flour Mills led the gainers’ table in percentage terms, increasing by 7.91 per cent or 22k to close at N3 per share.
Glaxo Smithkline Consumer increased by five per cent or N2 to close at N42, while Costain increased by 4.92 per cent or 3k.
Meanwhile, a turnover of 1.38 billion shares worth N12.05 billion were traded in 16,877 deals by investors last week.
This was against the 3.59 billion shares valued N24.56 billion exchanged in 24,288 deals in the preceding week.
The Financial Services Industry led the activity chart with 1.23 billion shares worth N7.18 billion transacted in 10,743 deals.
The conglomerates sector followed with a turnover of 61.57 million shares valued N187.59 million in 814 deals.
The third place was occupied by the Consumer Goods Sector with 49.19 million shares worth N3.19 billion achieved in 2,450 deals. (NAN)