Stock Market Falls by 39bps on Sustained Bearish Activity
The Nigerian Stock Exchange, NSE, All Share Index (ASI) waned by 0.39 per cent amid sustained profit taking activities even as the local bourse recorded 19 losers as against 9 gainers at the close of trade.
The year to date gain of the equities market moderated to 3.40 per cent.
Investors were bearish on consumer goods stocks as share prices of UACN and Guinness moderated by 10.00 per cent and 3.74 per cent respectively.
Of the five sub-sector gauges, four closed in red: the NSE insurance, NSE Consumer Goods, NSE Oil/Gas and NSE Industrial fell by 1.13 per cent, 0.20 per cent, 0.19 per cent and 0.07 per cent respectively. Elsewhere, market activity remained weak as the volume and value of stocks traded declined by 12.01 per cent and 53.99 per cent to close at 13.26 billion units and N1.28 billion respectively.
Meanwhile, NIBOR and NITTY moderated for most tenor buckets amid renewed financial system liquidity ease. In the bonds market, the values of FGN bonds were flattish for most maturities; however, FGN Eurobonds prices appreciated further for all maturities tracked in the international market.