NSE extends bearish run as ASI plunges further

NSE lifts suspension on trading in shares of four companies

The stock market at the local bourse extended its lingering bearish run on Tuesday as All-Share Index (ASI) sheds 39bps to settle at 29,818.80 points.

It slipped further from Monday’s 29,936.33 points which slipped below the psychological benchmark of 30,000 points.

Market capitilisation declined by N51.8bn to N13.1tn while YTD loss worsened to 5.1%.

Meanwhile, activity level improved as volume and value traded rose by 1.7% and 182.2% to 2.9bn units and N11.2bn respectively.

Significant trades were recorded in Wema Bank (2.4bn units), Zenith Bank (410.0m units) and Access Bank (13.7m units) the most actively traded stocks by volume while Zenith Bank (N8.2bn), Wema Bank (N1.5bn) and Guaranty Bank (N297.4m) were the most traded stocks by value.

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The Insurance index led the gainers, up by 1.7% as price appreciation in NEM (8.8%) and LINKASSURE (8.3%) pushed up the index.

Similarly, the Banking index rose by 0.3% due to gains in ETI (2.0%), UBA (1.7%) and ACCESS (0.2%).

The Industrial Goods and the Oil & gas indices appreciated, gaining 4bps and 0.6% on the back of gains in WAPCO (2.1%), BERGER (1.6%), OANDO (6.8%) and MOBIL (0.6%).

On the flip side, the Consumer Goods led the losers, shedding 1.2% due to sell-offs in INTBREW (10.0%), NIGERIAN BREWERIES (1.7%) and NESTLE (0.7%). The AFR-ICT also shed 0.7% following losses in MTNN (0.8%).

By Babatunde Alao…

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