Nigerian bourse remains bearish as Index down by 0.18%

Transactions on the Nigerian Stock Exchange (NSE) remained bearish, as the market All-Share Index (ASI) dipped further by 0.18 per cent to 41,080.12 points, on the back of continued profit taking.

Accordingly, the Month-to-Date loss increased to 0.46 per cent, while the Year-to-Date gain dropped to 7.42 per cent.

The Banking (-0.48%) and Consumer Goods (-0.81%) indices declined, owing to selloffs of the shares of GUARANTY (-1.42%) and UNILEVER (-4.95%) respectively.

Meanwhile, interest in CCNN (+4.90%) and MANSARD (+4.68%) shares led to gains in the Industrial Goods (+0.18%) and Insurance (+1.50%) indices, respectively. The Oil and Gas index was flat.

Market breadth remained negative, with 27 losers and 22 gainers, led by JAPAULOIL (-8.33%) and VERITASKAP (+5.71%) respectively. Total volume (-39.49%) of trades declined to 341.06 million units, while total value (+61.65%) of trades grew to NGN9.33 billion, exchanged in 3,682 deals.

Despite extended weakness, strengthening macroeconomic fundamentals, as well as relatively softer prices of value stocks, continue to point to likelihood of gains on the bourse.