NLNG Corporate Caring banner FirstGem 3rd anniversay lecture Fidelity bank card banner Emerald Energy Institute Camano banner

Nigerian stocks drop to 9-month low on mixed earnings, political risk

By News Express on 10/08/2018

Gmail icon

Views: 636


Stocks dropped to a more than nine-month low, yesterday, at the end of trading at the Nigeria Stock Exchange hurt by mixed second-quarter earnings and worries about political risk in the run-up to next year’s presidential election.

The stock index fell for the fifth straight session, down 0.4 percent to 36,154 points. Stocks have fallen 5.1 percent so far this year, after climbing 42 percent last year.

Second-quarter earnings have been mixed, with most lenders posting declines in loan growth, citing a weak economy, while several consumer goods’ companies have recorded lower profits.

Newly-listed fertiliser firm Notore reported a wider loss before taxes for the nine months to June. Its shares have dropped 8.8 percent in the week after listing.

Political developments ahead of an election next year, in which President Muhammadu Buhari is seeking re-election, have also dented investor sentiment, analysts say.

“Recent declines have been concentrated on a few large-cap stocks. Pressure on Nigerian Breweries may be on the back of slightly disappointing H1’18 earnings, but Dangote Cement numbers were in line with expectations,” said Michael Famoroti, chief economist at Vetiva Capital.

Last week, Senate President Bukola Saraki, Nigeria’s third most senior elected official, defected from Buhari’s ruling party to the main opposition and is fast becoming a leading critic of the president.

Top decliners were FBN Holdings, Fidelity Bank, Transcorp, Diamond Bank and FCMB, all down more than 4 percent. Nigerian Breweries, the local unit of Dutch brewer Heineken, shed 2.9 percent. (Reuters)

Source News Express

Posted 10/08/2018 12:32:13 PM

 

 

CLASSIFIED ADS

 

You may also like...
New era as Tony Attah takes charge at...

ID card: Travellers allege extortion in Borno, Yobe,...

Videos expose Boko Haram’s trials, beheadings, executions, stonings,...

PDP suspends Ifeanyi Ubah, refers Buruji Kashamu to...

UN to reactivate Peace Committee ahead of Nigeria’s...

Boko Haram suspects to be tried in secret...

Another APC secretariat bombed in Rivers

Robo Michael: Treachery and desperation for Ogoni oil,...

Trump serves war notice •We are ready for...

At least 34 dead in Uganda mudslides

Perm Sec, pregnant wife, 2 kids burnt to...

Fire destroys property worth millions of naira in...

 

Latest News BREAKING: Tottenham sack Pochettino Kwara Governor mourns as varsity loses lecturer, student in auto crash Minister announces measures to strengthen NBC, punish hate broadcasts I’ll continue to promote peace in Enugu — Gov. Ugwuanyi Suspected APC thugs burn PDP women leader to death in Kogi home Why helicopter dropped teargas in Kogi during Saturday elections – Police IG We pay ransom in millions for getting medication to El-Zakzaky - Brother How convicted fraudster pulled off $1m scam from Lagos maximum prison, attends parties Shots fired from unknown helicopter kills 20, injures many Stakeholders wade in as bank workers warm up for strike Insurgents flee, abandon gun trucks after failed ambush Nigerians yet to benefit from N1trn constituency projects, says Buhari

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (563,873 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (452,801 views) Shameless Genevieve Nnaji exposes breasts in public (402,075 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (336,555 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (304,118 views) 10 cars more expensive than Jets (282,422 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (259,169 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (257,390 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (238,927 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (225,313 views) Lagos plane crash: Journalist releases victims’ names (201,747 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (198,366 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (110) Business & Economy (4,578) Business Verdict (86) Columnists (1,144) Complaints & Requests (97) Enterprise & Opportunities (219) Entertainment (704) Features (845) Global Business Monitor (493) ICT Monitor (67) International (4,222) Interview (211) Live Commentary (30) Love Matters (176) Maggie's Blog (490) News (54,138) Opinion (1,421) Pidgin (17) Politics (11,773) Religion (1,121) Sports (2,228) Stock Watch (40) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera