NSE Index Declines Further As Bears Tighten Grip

The Nigerian stock market extended the previous day’s negative close as the All Share Index (ASI) depreciated 1.87 per cent at the close of trading, yesterday.
The market capitalisation which opened at N8.539 trillion, decreased by N158 billion, to close at N8.273 trillion, yesterday. Similarly, the All-Share Index depreciated by 458.79 to close at 24,056.12 on Wednesday.
Analysts at the Nigerian Stock Exchange (NSE) said that stock market performance was driven by further decline in bellwethers such as Dangote Cement, Nestle and Guaranty.
According to them, as observed in the last two trading sessions, we are of the view that the market may further shed points in sessions ahead as active traders take profit following six days of consecutive gains. Nonetheless, we expect full year earnings declarations to also drive performance in the interim.
However, activity was mixed as volume traded rose 15.4 per cent to close at 335 million units, while value traded declined 32.2 per cent to close at N2 billion.
Market breadth further weakened as 12 stocks advanced against 27 declining stocks. Seplat led the gainers’ table with 5 per cent, to close at N274.37 per share. NPF Microfinance followed with a gain of 4.85 per cent to close at N1.08, while Nahco advanced by 4.82 per cent to close at N3.70 per share.
May & Baker gained 4.76 per cent to close at 88 kobo and NEM Insurance appreciated 4.23 per cent to close at 74 kobo per share.
On the other hand, NNFM led the laggards’ table by 9.52 per cent to close at N6.65 per share. Unilever trailed with a loss of 4.99 per cent to close at N27.98, while Learn Africa declined by 4.88 per cent to close at 78 kobo per share.
Oando shed 4.76 per cent to close at N3.60, while Guinness went down by 4.45 per cent to close at N3.60 per share.

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