An analysis of the Nigerian stock market in 2017 carried out by Proshare has indicated that 37 percent or 63 quoted firms out of the 172 listed companies on the Nigerian bourse, recorded no price movement as of December 27, 2017.
The outcome of the analysis also indicated a worsening trajectory when compared to the 35 percent of such stocks recorded in 2016.
The Proshare analysis revealed that out of the 63, stocks from the financial services sector accounted for 28 with the services sector following closely with ten 10. The construction/real estate sector has 5, while ICT, healthcare and oil & gas have four 4 each.
Other sectors on the no price movement list include consumer goods (2), agriculture (2), industrial goods (3), and natural resources (1).
Insurance stocks were dominant in the list from the financial services sector, just as notable stocks like Dunlop, Ikeja Hotel Plc and Japaul also had their prices returning flat for the period.
The implication of the scenario is that while the market in general improved in 2017, investors in these stocks either had losses or flat returns in the period under review.
Frontpage September 12, 2019