All-Share Index Falls to New Low of 36,963.70 as Market Remains Bearish

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The Nigerian Stock Exchange (NSE) All-Share Index (ASI) Tuesday hits a new low falling below the 37,000 threshold to 36,963.70 as stocks maintained downward trend. The bear run pulled the NSE ASI by 0.81 per cent while market capitalisation sheds N109.8 billion to close at N13.4 trillion following price losses by 33 stocks. As a result of the continued bear run the year-to-date (YtD) decline is now 3.33 per cent.

Although heavy weights such as Zenith Bank Plc, GTBank Plc, Lafarge Africa Plc, United Bank Africa Plc were among the price losers, Capital Oil Plc led the advancers’ and Julius Berger Nigeria Plc with 10 per cent apiece.

Glaxosmithkline Consumer Nigeria Plc, PZ Cussons Nigeria Plc shed 9.9 per cent each and Consolidated Hallmark Insurance Plc went down by 9.6 per cent.

On the positive side, Sovereign Trust Insurance Plc led the price gainers with 8.0 per cent, trailed by Wema Bank Plc with 7.9 per cent. Japaul Oil and Maritime Services Plc and Mutual Benefits Assurance Plc chalked up 5.8 per cent.

Market analysts said the continued selloffs call for cautious trading among investors, amidst absence of a near-term one-off positive catalyst in the short to medium term.