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NSE ASI plunge intensifies as stock market suffers further loss

Nigeria’s stock market rout continued on Wednesday February 26, pushing the All Share Index (ASI) lower by 0.22percent and year-to-date (Ytd) return down to +0.49percent.

A combination of factors –the impact of coronavirus which continues to shake the global market and not too impressive corporate scorecards at the local bourse – spooked investors and caused the NSE ASI turn negative.

The All Share Index closed at 26,974.38 points against the preceding day close of 27,033.10 points. The market capitalisation lost N31billion to close at N14.052 trillion against preceding day close of N14.083 trillion.

Eleven stocks gained as against 15 losers. MTNN  declined most, from N116 to N112, losing N4 or 3.45percent, while Vitafoam followed after dipping from N4.51 to N4.06, losing 45kobo or 9.98percent.

BUA Cement rallied most, from N35.9 to N37.15, adding N1.25 or 3.48percent. UBA, Zenith Bank, Access Bank, Transcorp, and United Capital were actively traded stocks.

With market breadth coming in relatively higher, coupled with increasing buying interest in some mid cap /large cap stocks, analysts expect that the market will trade upward Thursday except for significant declines in major large cap stocks.

The volume of stocks traded decreased by 5.52percent from 241.71million to 228.37million, while the total value of stocks traded decreased by 22.98percent, from N3.55billion to N2.73billion in 3,831 deals.

The Financial Services sector led the activity chart with 192.28million shares exchanged for N1.64billion; followed by Conglomerates with 15.35million shares traded for N36million.

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