Sell-off persists on NSE, as index plummets further by 0.7%

Sell-off persists on NSE, as index plummets further by 0.7%

[FILES] Nigerian Stock Exchange (NSE) By The Nigerian Stock Exchange (NSE) yesterday plunged further by 0.7 per cent, extending bearish run to a third consecutive session amid sustained sell-off.

The All-Share Index (ASI) yesterday, dipped by 209.41 absolute points, representing a decline of 0.67 per cent, to close at 30,829.45 points. Similarly, market capitalisation shed N79 billion, to close at N11.592 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Seplat Petroleum Development Company, Stanbic IBTC Holdings, Presco, Guinness Nigeria and Guaranty Trust Bank.

Analysts at Afrinvest Limited said that “while the downward trend continues, it presents opportunities to hold position in fundamentally sound stocks. Nonetheless, we expect a bearish close today as investor sentiment remains weak.”

Market breadth closed negative, recording 11 gainers against 19 losers. Union Diagnostic & Clinical Services recorded the highest price gain of 10 per cent, to close at 33 kobo, per share. Cutix gained 9.73 per cent to close at N2.03, while MedView Airline appreciated by 5.88 per cent to close at N1.80, per share.

Cadbury Nigeria appreciated by 3.23 per cent to close at N11.20, while Union Bank went up by 2.90 per cent to close at N7.10 per share.

On the other hand, NEM Insurance led the losers’ chart by 5.53 per cent, to close at N2.22 per share. Stanbic IBTC Holdings followed with a decline of 5.15 per cent to close at N46, while Flour Mills of Nigeria shed 5.01 to close at N18 per share.

Niger Insurance down by 4.55 per cent to close at 21 kobo, while NASCON Allied Industries shed 4.21 per cent to close at N18.20 per share.

The total volume traded depreciated by 8.5 per cent to 131.43 million shares, worth N1.4 billion, and traded in 2,786 deals. Transactions in the shares of Zenith Bank topped the activity chart with 27.93 million shares valued at N606.6 million. Sterling Bank followed with 25.01 million shares worth N58.72 million, while Access Bank traded 16.19 million shares valued at N104.11 million.

United Bank for Africa traded 11.4 million shares valued at N88.52 million, while FCMB Groups transacted 7.42 million shares worth N14.44 million.

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