Sustained Sell-Offs Drag NSE Index Down 1.85%

Sustained Sell-Offs Drag NSE Index Down 1.85%

Lagos – Nigerian Stock Exchange, All Share Index extended negative outlook to record the third consecutive decline for the week by 1.85 per cent loss yesterday to drop below 30,000 basis points.

The All Share Index went down by 558.04 absolute points, representing a dip of 1.85 per cent, closing at 29,668.73 points while market capitalisation decreased by N209 billion, closing at N11.144 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, International Breweries, Cement Company of Northern Nigeria (CCNN), Guaranty Trust Bank and Zenith Bank.

Analysts at Cordros Capital Limited said that, “In the absence of a positive catalyst, we guide investors to trade cautiously in the short term. However, stable macro-economic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.”

Market breadth closed negative, with eight gainers versus 26 losers. Nigerian Breweries recorded the highest price gain of 5.45 per cent, to close at N60 per share. Cornerstone Insurance followed with a gain of five per cent to close at 21 kobo, while Sovereign Trust Insurance appreciated by 4.55 per cent to close at 23 kobo per share.

Sterling Bank appreciated by 3.77 per cent to close at N2.48, while Nestle Nigeria gained 3.57 per cent to close at N1,450, per share. On the other hand, Access Bank and Consolidated Hallmark Insurance led the losers’ chart by 10 per cent, each to close at N5.85 and 27 kobo, while AIICO Insurance followed with a decline 9.86 per cent to close at 64 kobo, per share.

CCNN declined by 9.75 per cent to close at N16.20, while Neimeth International Pharmaceuticals down by 9.68 per cent, to close at 56 kobo, per share.

However, the total volume traded rose by 43.94 per cent to 542.58 million shares, worth N5.66 billion, and traded in 4,146 deals. Transactions in the shares of Sterling Bank topped the activity chart with 144.19 million shares valued at N348.93 million. FCMB Group followed with 68.72 million shares worth N125.63 million, while FBN Holdings traded 55.02 million shares valued at N414.96 million.

Zenith Bank traded 35.7 million shares valued at N739 million, while Access Bank transacted 35.4 million shares worth N207.35 million.

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