Lagos Bourse Opens June On a Bearish Note

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Jun

Despite the 6.55% gain in the All Share Index in the month of May, the Nigerian All Share Index slowed to 30,930pts. Coincidentally, The index appreciated for 12 days in the month of May, which was the same outcome for the month of April.

Today, the market reacted to the regulatory face-off between SEC and OANDO as the latter’s share price plateaued at a 52-week low of ₦3.80. Market breadth was negative as the count of losers (28) outweighed the count of gainers (15). All sectoral indices closed red as Oil & Gas tumbled by -5.74%, Insurance by -1.68%, Banking by -0.31% and Industries by -0.12%.

As regards Corporate Disclosures, Dangote Cement announced its revised dividend payment to ₦16 from ₦10.50. African Alliance Insurance released its results with a loss of -₦2.6bn up from a loss of -₦6.2bn. Stanbic IBTC announced the appointment/promotion of 4 new board members.

Market Capitalization	₦13,623,404,710,409.20	-0.45%
All Share Index	30,930.39	-0.45%

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