Nigeria stocks erode gains as sell pressure continues

The Nigerian stock market sustained its losing streak on Tuesday, February 4, 2020, as investors ignored buy recommendations.

The Nigeria Stock Exchange (NSE) All-Share Index (ASI) decreased by 0.35percent to 28,432.27 points as against preceding day high of 28,533.40 points.

In two trading this into this week, the market has decreased by 1.43percent, while the record year-to-date (ytd) positive return decreased to +5.92percent.

All the NSE sectoral indexes closed in the red. The value of listed equities on the Nigerian Bourse decreased from N14.697trillion to N14.645trillion, representing N52billion loss.

In 5,199 deals, equity dealers exchanged 254,860,393 units valued at N3.043billion. Zenith Bank, FBN Holdings, Access Bank, UBA, GTBank were actively traded stocks.

With all the other subsectors losing again on Tuesday along with the negative market breadth, market watchers expect to see a negative close on Wednesday.

Though, they do not rule out bargain hunting on counters that have consistently been on offer in the last trading sessions.

CAP Plc led the gainer’s table after its share price decreased from N25 to N22.6, losing N2.4 or 9.60percent; followed by Dangote Sugar Refinery Plc which decreased from N13.8 to N12.45, after losing N1.35 or 9.78percent. The share price of Union Bank of Nigeria Plc increased most, from N6 to N6.6, adding 60kobo or 10percent, followed by Julius Berger which gained 30kobo, from N21.2  to N21.5, up by 1.42percent.