NGX-ASI down by 0.50% as market rout continues

Nigeria’s stock market suffered another August dip on Tuesday by 0.50 percent or N279billion as the retreat from equities continued on the Lagos Bourse.

After the record negative start to this week, analysts at Lagos-based Vetiva expected the prevailing bearish sentiment to persist in Tuesday’s session, “owing to the limited changes in the drivers of buy-side action in the market”.

However, they did not rule out the possibility of pockets of buy-side action in fundamentally sound names.

The market’s year-to-date (YtD) return moderated to 30.25 percent. The market has decreased this week by 1.22 percent, while this month it has risen by just 0.03 percent.

Stocks like Oando, Livestock Feeds, Cornerstone Insurance were majorly on offer on Tuesday.

Oando led the laggards after its share price decreased from N44.65 to N40.20, losing N4.45 or 9.97 percent while Mecure led the gainers after rising from N8.52 to N9.37, up by 85kobo or 9.98percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased further from preceding day’s highs of 97.880.94 points and N55.574 trillion respectively to 97,390.01 points and N55.295 trillion.

In 11,237 deals, investors exchanged 599,246,035 shares worth N13.916billion. GTCO, Japaul Gold, Access Holdings, Veritas Kapital and Oando were actively trade stocks.