The Streetjournal Magazine is an online investigating media house that specializes on systematic, serious crimes, political corruption or corporate wrongdoing.
Building of the Nigerian Stock Exchange (NSE). PHOTO: AYODELE ADENIRAN The Nigerian Exchange Limited (NGX) extended bearish sentiment to three consecutive trading sessions yesterday, as more highly capitalised stocks depreciated in price. This resulted to a further slide in market capitalisation by N167 billion. The All-Share Index (ASI) decreased by 319.08 absolute points, representing a drop of 0.81 per cent to close at 39,114.73 points while the overall market capitalisation value lost N167 billion to close at N20.470 trillion. The bearish sentiment was sustained on price depreciation in large and medium capitalised stocks amongst which are; MTN Nigeria Communications (MTNN), Dangote Cement, BOC Gases, Red Star Express and SCOA Nigeria. Analysts at Afrinvest Limited said: “We expect the market to close in the red for the week.”
Sell-off in Stanbic IBTC Holdings and 21 other stocks dragged transactions on the Nigerian Exchange (NGX), extending the bearish trend to close on a downturn yesterday as the all-share index (ASI) depreciated by 0.92 per cent.
ASI declined by 367.97 absolute points, representing a dip of 0.92 per cent to close at 39,433.81 points while market capitalisation depreciated by N193 billion to close at N20.637 trillion.
The market loss was driven by price depreciation in large and medium capitalised stocks including Unilever Nigeria, Guaranty Trust Bank, Zenith Bank and Julius Berger. x
Analysts at Afrinvest Limited said: “We expect the market performance to remain bearish in the next trading session, as investors continue to take a position in the fixed income space due to rising yields.”
Share
Transactions on the Nigerian stock market, on Wednesday, closed in the negative region to extend the previous day’s negative sentiment, as investors’ investment declined by N274 billion.
Basically, the All-Share Index (ASI) dropped by 524.00 absolute points, representing a decline of 1.33 per cent to close at 38,781.48 basis points, while the overall market capitalisation value lost N274 billion to close at N20.296 trillion.
The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Guinness Nigeria, International Breweries, Ardova Plc, PZ Cussons Nigeria and UAC of Nigeria (UACN).
Analysts at Afrinvest Limited said: “In the next trading session, we expect the market to halt successive downtrends.”
Vanguard News
NSE’s key indicators up by 0.02%
On
Kindly Share This Story:
Activities on the Nigerian stock market on Wednesday closed on a positive note to halt the four consecutive days of bearish run, growing by 0.02 per cent.
The performance was driven by investors’ renewed posItive sentiments in blue-chip stocks like Nestle Nigeria, MTN Nigeria Communications (MTNN) and nine others.
Specifically, the All-Share Index grew by 7.42 points or 0.02 per cent to close at 38,774.03 from 38,766.51 achieved on Tuesday.
Also, the market capitalisation rose by N4 billion to close at N20.286 trillion in contrast with N20.282 trillion posted on Wednesday.
The gain was driven by price appreciation in large and medium capitalised stocks amongst which are: Nestle Nigeria, Flour Mills of Nigeria, MTNN, Stanbic IBTC Holdings and Africa Prudential.