Bears resurface at NSE as index down by 0.08%

The bears resurfaced on the Nigerian Stock Exchange (NSE) n Wednesday as the benchmark Index, the All-Share Index (ASI) dipped 0.08 per cent to 33,167.88 points, amidst broad selloffs.

As a result, the Month-to-Date gain declined to 1.23 per cent, while the Year-to-Date loss inched up to 13.27 per cent.

The Oil & Gas (-2.59%), Banking (-1.66%), Insurance (- 0.34%), and Consumer Goods (-0.31%) indices posted losses, following selloffs in the shares of SEPLAT (- 4.56%), ZENITHBANK (-3.07%), REGALINS (-9.09%), and DANGFLOUR (-9.52%), respectively.

On the flip side, gains in DANGCEM (+1.65%) shares offset losses in WAPCO (-4.11%), leading to positive returns in the Industrial Goods (+0.02%) index.

Market breadth remained negative with 17 losers and 24 gainers, led by MEYER (-9.68%) and PRESCO (+9.43%) shares respectively.

Total volume and value of trades surged 105.41 per cent and 108.36% to 309.16 million units, valued at NGN5.99 billion, and exchanged in 3,418 deals.

Investment analysts at Cordros Capital say: “We remain conservative in our outlook for equities in the short-to-medium term, amidst brewing political concerns, and the absence of a positive trigger. However, stable macroeconomic fundamentals remain supportive of recovery in the long term”.