Stocks move further south as sell pressure continues

Nigeria’s equities market furthered its losing streak on Tuesday by 0.47percent as more investors stayed on the sell-side of the local Bourse.

While sell pressure continues to drive market south as sellers outweigh buyers, investors booked about N141billion loss. The market has decreased by 4.14percent this month.

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The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its equities Market Capitalisation depreciated further from preceding day’s 53,750.77 points and N29.281trillion respectively to 53,498.27 points and 29.140trillion.

The market’s record weak performance was driven majorly by selloff in index heavyweight, Dangote Cement (-4.17percent) which offset gains in BUA Foods (+3.03percent).

Also, the market’s year-to-date (YtD) positive return decreased to +4.38percent.