Local Bourse Reverses Gains as ASI Nosedived by 3.12%

The Nigeria Stock Exchange, NSE, on Thursday reverses its gains of the past few days amid sell-pressure on bellwether stocks.

The All Share Index (ASI) dwindled by 3.12 per cent on renewed profit taking activity to close at 22,078.58 points.

Also, the Exchange recorded 22 losers as against 13 gainers even as market activity slowed. Consequently, the year to date loss of the NSE ASI worsened to 17.74 per cent.

Banking stocks was worst hit as investors took profit on shares of Zenith Bank, Guaranty Trust Bank, UBA, Access Bank  and Fidelity Bank thus, moderating by 10 per cent , 0.54 per cent , 6.54 per cent , 5.79 per cent  and 4.49 per cent  respectively. Given the sell-off on banking shares, the NSE Banking index tanked by 7.75 per cent ; while, the NSE Consumer

Goods and NSE Industrial indices dipped by 0.96 per cent and 1.45 per cent respectively. Meanwhile, NIBOR rose for most maturities on sustained liquidity strain.

However, NITTY declined for most maturities amid sustained buy pressure. In the OTC bonds market, the values of FGN bonds moved in mixed directions across maturities; however, FGN Eurobond moderated for all maturities tracked on sustained bearish activity as crude oil prices slid below $30 per barrel.