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Negative sentiments persist on NGX, indices down by 0.29%
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Negative sentiments persisted on the Nigerian Exchange (NGX) on Tuesday, following profit-taking as Guinness dragged the All-Share Index lower by 0.29 per cent.
Specifically, the All-Share Index closed lower by 110.72 points or 0.29 per cent to 38,601.83 against 38,712. 55 posted on Monday.
Accordingly, month-to-date and year-to-date losses increased to 1.1 per cent and 4.1 per cent, respectively.
Also, the market capitalisation dipped N58 billion or 0.29 per cent to close at N20.202 trillion from N20.260 trillion recorded on Monday.
The loss was driven by price depreciation in large and medium capitalised stocks amongst which were; MTN Nigeria Communications (MTNN), Guinness, Chemical & Allied Products, Julius Berger and NCR Nigeria.
NGX: Negative sentiments persist, indices down by 0 29% today.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from today.ng Daily Mail and Mail on Sunday newspapers.
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Negative sentiments persisted on the Nigerian Exchange (NGX) on Tuesday, following profit-taking as Guinness dragged the All-Share Index lower by 0.29 per cent.
Specifically, the All-Share Index closed lower by 110.72 points or 0.29 per cent to 38,601.83 against 38,712. 55 posted on Monday.
Accordingly, month-to-date and year-to-date losses increased to 1.1 per cent and 4.1 per cent, respectively.
Also, the market capitalisation dipped N58 billion or 0.29 per cent to close at N20.202 trillion from N20.260 trillion recorded on Monday.
The loss was driven by price depreciation in large and medium capitalised stocks amongst which were; MTN Nigeria Communications (MTNN), Guinness, Chemical & Allied Products, Julius Berger and NCR Nigeria.
Following gains in most highly-capitalised stocks, transactions on the floor of the Nigerian Stock Exchange (NSE) reversed the previous day’s losses to close upbeat as market capitalisation appreciated by N128 billion.
At the close of transactions yesterday, the All-Share Index (ASI) increased by 244.40 absolute points, representing a rise of 0.63 per cent to close at 38,931.25 points. Market capitalisation value gained N128 billion to close at N20.369 trillion.
The market gain was driven by price appreciation in large and medium capitalised stocks including Nestle Nigeria, Dangote Cement, Nigerian Breweries, May & Baker Nigeria and Africa Prudential.
Analysts at Afrinvest said: “Moving forward, we expect the overall bearish sentiment to be sustained in the market. However, there are opportunities for bargain hunting amid cheap attractive stocks.”
Nigerian stock market reacts to demutualisation approval, up N128bn vanguardngr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vanguardngr.com Daily Mail and Mail on Sunday newspapers.