Stock Market Fall Continues As Investors Lose N370bn

The Nigerian stock market declined by N370bn in one session on Tuesday, continuing on a free fall for seven straight sessions.

The Nigerian Stock Exchange All-Share Index slid by 2.4 per cent to settle at 41,708.15 from 42,737.89 basis points, while the year-to-date return contracted to 9.1 per cent.

Thus, the NSE market capitalisation decreased to N14.967tn from N15.337tn.

According to market watchers, sustained sell-offs across board was experienced on Tuesday, with Dangote Cement Plc, Nigerian Breweries Plc and Nestle Nigeria Plc contributing majorly to the market fall, shedding 4.9 per cent, 3.9 per cent and 2.9 per cent, respectively.

Similarly, the activity level weakened as the volume and value traded fell by 9.1 per cent and 29 per cent to 470.52 million units and N3.683bn, respectively.

Loading...

Performance across sectors was bearish as all indices recorded falls. The consumer goods index was the biggest loser, down by 2.8 per cent following price decline in Nigerian Breweries and Nestle Nigeria. The industrial goods and insurance indices followed, dropping by 1.6 per cent and 1.5 per cent, respectively as investors took profit in Dangote Cement, AXA Mansard Insurance Plc and Continental Reinsurance Plc, which recorded respective fall of 4.9 per cent, 2.7 per cent and 4.3 per cent.

In the same vein, sell pressure on Forte Oil Plc and 11 Plc dragged the oil/gas index down by 0.6 per cent as the firms recorded decline of five per cent and 0.3 per cent, respectively. Similarly, the banking index depreciated by 0.2 per cent due to losses in United Bank of Africa Plc and Union Bank of Nigeria Plc by 5.5 per cent and five per cent, accordingly.

The market breadth remained flat compared to Monday’s market performance owing to 15 stocks advancing against 40 stocks that plummeted

Loading...
Please follow and like us:

Do You Have Any Story, Press Release, Events Coverage Or You Want An Advert Placement?

Call The DailyBells Nigeria Today On Our Hotlines +234 802 523 7926,  +234 806 017 6677 Or WHATSAPP On +234 802 523 7926

Email: dailybellsnigeria@yahoo.com Or megacrown1@yahoo.com.

Thanks. MGT

All Rights Reserved. This Material And Any Other Material On THE DAILYBELLS NIGERIA Should Not Be Reproduced, Published Broadcast, Written Or Distributed In Full Or In Part, Without Written Permission From The Editor/CEO..

%d bloggers like this: