Investors lose N41.97bn as ASI dips by 0.26 per cent

The domestic equities market All Share Index (ASI) further dips by 0.25 per cent amid sustained profit-taking, especially on Tier-1 banking stocks such as Zenith Bank, Guaranty Trust Bank and United Bank for Africa.

Accordingly, Month-to-Date return declined to -0.2 per cent and Year-to-Date gain moderated to 30.3 per cent, as the ASI closed at 34,968.94 basis points, just as the market capitalisation closed at N18.28 trillion, after losing N41.97 billion.

Equities market sentiment, as measured by market breadth, was negative as 25 tickers declined, relative to 13 gainers, with Unity Bank and Chams topped the losers’ list after 9.9 per cent and 8.0 per cent while Mutual Benefit and Royal Exchange were the largest gainers of the day after 9.5 per cent and 9.1 per cent respective growth.

Substantiating the bearish activity, the NSE Banking, NSE Consumer Goods and the Insurance indices decreased by 2.07 per cent, 0.20 per cent and 0.82 per cent respectively.

However, the NSE Oil/Gas index rose by 0.35 per cent while the NSE Industrial index was flat.

Meanwhile, activity in the market was mixed: while deals and the value of stocks traded rose by 6.09 per cent and 33.82 per cent to 4,878 deals and N7.35 billion respectively, the total volume traded collapsed by 21.57 per cent to 289.39 million units.

The stocks of United Bank for Africa was the toast of investors as the most traded stock by volume at 34.45 million units while MTN Nigeria was the most traded stock by value at N4.38 billion.

Analysts, however, envisage cautious buying on the bias that stock traders are expected to be a bit cautious amid recent macros prevailing at the Nigerian currency market.

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

COVID-19: Nigeria Recorded More Deaths, Recoveries, Less Cases Last Week

Nigeria’s COVID-19 recoveries increased last week compared to the previous week, Tribune Online analysis shows.

Last week, November 22 to 28, the 48th week of the pandemic in Nigeria, a total of 935 patients recovered and were discharged last week, compared to 885 who were discharged in the previous week…

We Have Not Decided Yet To Call Off Strike — ASUU President

t is still uncertain whether the ongoing strike by the Academic Staff Union of Universities (ASUU) will end soon as President of the union, Professor ‘Biodun Ogunyemi said there were certain steps to be taken to reach that final conclusion on the issue…