Equities Market Extends Bearish Trading on Continuing Negative Sentiments

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Negative investor sentiments persisted at the stock market Thursday, extending the bear run for the third consecutive day. As a result, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) fell 0.07 per cent to close at 37,226.44 as 30 stocks depreciated in value, while 15 stocks added value.

Sell pressure in the banking sector was part of drivers of the bearish trading Thursday as 10 banking stocks fell. However, the overall price loser’s chart was led by Beta Glass Plc with 10 per cent to close at N9.00, trailed by Tantalizers Plc that shed 9.1 per cent to be at N0.30 per share. MCNichols Plc, NAHCO Plc and Honeywell Flour Mills Plc went down by 8.9 per cent, 7.2 per cent and 6.3 per cent respectively.

On the positive side, Custodian Investment Plc led the price gainers, garnering 8.4 per cent, followed by International Breweries Plc with 5.6 per cent. Multiverse Mining & Exploration Plc, Vitafoam Nigeria Plc and Japaul Oil & Maritime Services Plc chalked up 5.0 per cent, 4.5 per cent and 3.0 per cent in that order.

With just a day to end of the week, market analysts said in the absence of any significant market information, they expect a negative close to the market this week.