Selloff persists as index plummets further by 0.1 per cent

Apostle Hayford Alile

•NSE eulogises Alile’s virtues
Following price losses incurred by most blue-chip stocks, transactions on the trading floor of the Nigerian Stock Exchange (NSE) continued on a downward note yesterday, as the All-share index plunged further by 0.1 per cent.

The All Share Index (ASI) depreciated by 35.12 absolute points, representing 0.11 per cent decline to close at 32,382.58 points. Similarly, the market capitalisation decreased by N13 billion to close at N11.822 trillion.

The decline was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nigerian Breweries, Transcorp Hotel, UAC of Nigeria, FBN Holdings and Mobil Nigeria.

Analysts at Afrinvest Limited said: “against expectations, the local bourse closed negative yesterday. Nevertheless, we believe strengthening investor sentiment and noticeable buying interest supports our outlook for a bullish close for this week.”

However, market breadth closed positive, with 21 gainers versus 18 losers. Chemical and Allied Products (CAP) recorded the highest price gain of 10 per cent, to close at N33, while Mutual Benefits Assurance followed with a gain of 7.69 per cent to close at 28 kobo, per share.

Continental Reinsurance gained 7.19 per cent to close at N1.49, while Consolidated Hallmark Insurance and Union Diagnostic & Clinical Services appreciated by 7.14 per cent each to close at 30 kobo, each per share.

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