Home / BUSINESS / NSE ASI Dips to 6.66%, Local Stocks Shed 2.33%

NSE ASI Dips to 6.66%, Local Stocks Shed 2.33%

By UDO ONYEKA

The Nigeria Stock Exchange Year to Date Loss of ASI Worsen to 6.66 per cent yesterday as Local Stocks Shed 2.33 per cent.

The local bourse plunged further by 2.33 per cent as bearish trend persisted for the sixth consecutive trading day.

At the close of trading session, market capitalization also shed N260.79 billion to close at N10.94 trillion psychological level as the Exchange registered 19 losers against just 14 gainers.

The industrial sector was most hit, fell by 4.34 per cent, following the share price of DANGCEM which fell by 8.60 per cent.

Similarly, NSE Insurance and NSE Banking indexes fell by 3.06 per cent and 0.28 per cent respectively. Hence, year-to-date loss of the NSE ASI rose to 6.66 per cent.

Elsewhere, NIBOR sustained its northward trend for most tenor buckets amid financial system liquidity squeeze.

However, NITTY moved in mixed directions across maturities tracked. In the bond market, FGN long term papers moved in different directions in the domestic OTC market; however, FGN Eurobonds rose for all maturities tracked on bullish activity.

Meanwhile the NSE,  Chief Executive Officer,  CEO, Oscar Onyema would on Monday review 2018 Market Performance and give Outlook for 2019

The event is expected to afford Onyema an opportunity to brief the stockbroking community, analysts, media and other stakeholders, on the performance of the market in the preceding year and give prognosis for the market for the New Year, 2019.

“With the significant progress made by the exchange in 2018 in areas of thought leadership, product development, regulation, sustainability, protection of investors fund amongst others, attendees will have the opportunity of learning more of the 2019 plans”, a statement from the NSE said

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