Stocks start negative as risk appetite slips further

EQUITIES market closed on a negative yesterday, as the Nigerian Stock Exchange (NSE) All Share Index (ASI) depreciated by 0.22 per cent to close at 33,590.48 basis points, compared to the 0.59 per cent depreciation recorded previously.

Its Year-to-Date (YTD) returns currently stand at 3.08 per cent. Market breadth closed negative as PZ led 15 gainers against 26 losers, topped by Nahco, at the end of yesterday’s session – an unimproved performance compared to previous outlook.

Market turnover closed positive as volume moved up by 70.09 per cent against 21.37 per cent uptick recorded in the previous session. UBA, Zenith Bank and Becopetro were the most active in boosting market turnover, with Zenith and UBA topping the market value list.

Volume shockers included UBA, which led the list of active stocks that recorded impressive volume spike at the end of the session.

Meanwhile, the National Association of Securities Dealers (NASD) has said that trading on the NASD Over-The-Counter (OTC) market creates positive public visibility for the underlying company, as information on NASD OTC is accessed from all continents and is on a weekly basis delivered to a large and growing circulation list.