A Stockbroker with Global View Capital Ltd., Mr Haruna Kebira, says the slowdown in trading at the Nigeria Stock exchange market is not necessarily connected with the ongoing strike action by the organized labour.
Kebira said that trading on the Exchange was not usually affected by such national industrial actions, except public holidays declared by the Federal Government.
Kebira explained that this was because the Exchange Group did not belong to any workers’ union, hence labour union leaders usually did not interrupt trading on the floor of the Exchange during strikes.
The stockbroker noted that the first week of a new month usually experienced a slowdown of activities that might lead to such losses experienced at the day’s trading.
He stated that the bullish run that dominated the equity market last week was a result of month-end effect activities.
“The market is expected to pick up positively by mid-week.
“The month of June is usually positive for the market because investors who just received their dividends are investing back into the market, so the market will surely bounce back,” Kebira said.
Meanwhile, investors on Monday, lost N103 billion following sell-offs in Tier-one banking stocks and cautious trading at the Nigerian stock market.
Sell-offs, specifically in FBN Holdings, United Bank For Africa (UBA) and Access Corporation, Fidelity Bank, Transnational Corporation, Nigerian Breweries, WAPCO, ETranzact, among other declined stocks, drove the market’s weak performance.
Consequently, the market capitalisation which opened at N56.172 trillion, lost N103 billion or 0.18 per cent to close at N56.069 trillion.
