Local Bourse Plunges by 2.41% Amid Dwindling Crude Oil Prices
The Nigeria equities market (ASI) nosedived by 2.41 per cent on sustained bearish activity to close at 25,647.54 points as the Exchange recorded just 1 gainer as against 39 losers at the close of trade. Consequently, the year to date loss of the Lagos bourse worsened to -4.45 per cent.
Similarly, the share prices of Guaranty Trust Bank, Law Union, Unilever and Conoil moderated by 9.96 per cent , 4.96 per cent , 10 per cent and 10 per cent respectively given the sudden weak market sentiment which was triggered by the dwindling crude oil prices amid price war amongst oil rich nations.
Most of the sub-sector gauges closed in red: NSE Banking, NSE Insurance, NSE Consumer Goods, NSE Oil/Gas indices fell by 8.95 per cent, 2.42 per cent, 2.49 per cent and 1.41 per cent respectively.
Meanwhile, total volume and value of stocks traded declined by 41.55 per cent and 48.59 per cent to 0.18 billion units and N1.82 billion respectively. Elsewhere, NIBOR, NITTY rose for most tenor buckets amid sustained liquidity strain.
In the OTC bonds market, the values of FGN bonds and FGN Eurobond moderated for most maturities tracked