Equities market slump deepens, NSE-ASI now below 31,000bpts
NSE warns on non-filling of audited financial statements
AT the close of yesterday’s trading, the decline in equity prices extended to the third consecutive day as the broad market index closed lower on the day.
Analysts opined that the downward trend may not be unconnected with the sustained sell-off by foreign portfolio investors and a seeming apathy for equities by domestic institutional investors. They believe movements in the Nigerian equity market have a strong correlation to the domestic economy.
Thus, the equities market closed yesterday on a negative note, as Nigerian Stock Exchange [NSE] All Share Index [ASI] depreciated by 1.14 per cent to close at 30,752.63basis points, compared with the 0.51 per cent depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 11.27 per cent
Market breadth also closed negative as Unilever led 10 gainers against 35losers topped by UBA at the end of today’s session- an unimproved performance when compared with previous outlook.
Market turnover equally closed negative as volume declined by 29.57 per cent against 54.51 per cent uptick recorded in the previous session. Zenith Bank, FBNH and Guaranty were the most active to boost market turnover. Guaranty and Zenith Bank topped market value list.
Volume shockers included the Nigerian Police Force Microfinance Bank which led the list of active stocks that recorded impressive volume spike at the end of yesterday’s session.
Meanwhile, as at August 3, 2015, 89 per cent of the active listed companies have filed their audited accounts for the year ended 31 December 2014.
The Exchange therefore has reminded the affected companies of their obligations under the Listings Rules (Section 19.5 of the Amendments to the Listing Rules).