Nigerian equity market downturn continues despite Emefiele’s reappointment

By FELIX OLOYEDE

Investors did not respond positively to the news of the Central Bank Governor Godwin Emefiele’s reappointment as the Nigerian equity market extended its bearish trend to the fourth consecutive trading days on Thursday.

President Mohammadu Buhari had nominated Emefiele for a second term of five years on Thursday as his first term runs out in June.

The banking and Consumer goods sectors decline caused the All Share Index (ASI) lost 70.16 absolute points, dipping 0.24 per cent to close at 28,896.25 points.

Market Capitalization lost N26.37 billion, representing a dip of 0.37 per cent to close at N10.86trillion.

The 1.09 per cent appreciation by the Insurance sector and three other sectors remaining flat, could not sway the market upward.

VERITASKAP emerged the top gainer among 8 others, after rising 10 per cent, while JAPAULOIL led 18 other losers, after shedding -10 per cent.

The Nigerian capital market has so far lost -8.06 per cent this year, having declined -15.74 per cent in 2018.