Recession: Trading on NSE opens week negative

Equities trading on the Nigerian Stock Exchange (NSE) resumes the week in negative territory as Nigeria economy slid into recession after printing two consecutive quarters of negative growth rate in the third quarter of the year 2020.

On Monday, the domestic equities market extended its losses from the last two trading sessions, as the All-Share Index (ASI) declined by four basis points to 34,121.78 points, representing a marginal 0.05 per cent loss.

Given the bearish activity, the Exchange recorded five gainers as against 46 losers.

Consequently, Month-to-Date and Year-to-Date gains moderated to 11.8 per cent and 27.1 per cent, respectively.

Specifically, share prices of bellwethers such as WAPCO, Zenith Bank, Guaranty Trust Bank and Flour Mills of Nigeria declined by 10 per cent, 5.66 per cent, 3.68 per cent and 8.47 per cent respectively.

The sectoral performance was broadly negative as four closed in red save for the NSE Industrial index which rose by 2.72 per cent.

The NSE Banking index led the laggards by 6.78 per cent, followed by NSE Consumer Goods, NSE Oil/Gas and NSE Insurance indices by 2.72 per cent, 1.92 per cent and 0.51 per cent respectively.

Meanwhile, the total volume and value of stocks traded advanced by 64.69 per cent and 73.52 per cent to 568.04 million units and N7.3 billion, all exchanged in 8,928 deals.

The shares of Zenith Bank was the toast of investors as it recorded the most traded stock by volume and value at 79.74 million units and N1.91 billion.

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Recession: Trading on NSE opens week negative

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