The Nigerian stock market furthered into the bearish region on Tuesday, December 10 causing the already record negative return this year to reach -16.06percent.
This negatives continued on the Bourse as more investors put their shares for sale preparatory to yuletide spending.
Investors lost N143billion as evidenced in the value of listed stocks which decreased from preceding day high of N12.877trillion to N12.734trillion.
As sell pressure continues to dominate the equities market pushing the NSE ASI deeper in the red zone, market watchers foresee a similar trend on Wednesday in the absence of any positive market catalyst.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) which opened the review day’s trading at 26,681.31 points decreased to 26,384.21 points. In 3,153 deals investors exchanged 196,291,978 units valued at N3.551billion.
GTBank, Access Bank, Transcorp, Zenith Bank and Wema Bank were actively traded stocks. Nestle recorded the highest dip after its share price moved from N1350 to N1300, losing N50 or 3.70percent, followed by MTN N which decreased from N118 to N116, down by N2 or 1.69percent and Dangote Cement Plc which decreased from N142 to N140, losing N2 or 1.41percent.
Gains by Zenith, Access, FCMB, and GSK failed to stop the record loss. Analysts believe the consistent declines on the Bourse create opportunity for position taking in value counters with records of dividend payments and capital appreciation.
