The NSE ASI Dips By 3.72% On Sustained Bearish Activity

The Nigeria Stock Exchange, NSE, All Share Index (ASI) plummeted by 3.72 per cent on sustained bearish activities to close at 22,695.88 points.

Banking and Insurance stocks were most hit Thursday as share prices of Zenith Bank, Guaranty Trust Bank, Access Bank and UBA plunged by 9.96 per cent, 9.05 per cent, 9.30 per cent and 9.68 per cent respectively.

All of the five indices tracked closed in red: the NSE Banking, NSE Insurance, NSE consumer goods, NSE Oil/gas and NSE Industrial dipped by 8.51 per cent, 5.22 per cent, 2.74 per cent, 0.82 per cent and 0.93 per cent respectively as the Exchange printed 44 losers against 3 gainers.

The year to date loss of the NSE All Share Index (ASI) ballooned to 15.44 per cent. Meanwhile, total volume and value of stocks traded dwindled by 23.90 per cent and 44.43 per cent to 1.05 billion units and N9.8 billion respectively as buying momentum eased.

In the money market, NIBOR rose for all tenor buckets amid renewed liquidity strain; while NITTY fell for most maturities. In the OTC bonds market, the values of FGN bonds were moderated for most maturities; while FGN Eurobond was flattish for all maturities tracked.