NSE Index hits 11-month low

Activities at the Nigerian Stock Exchange, NSE, on Thursday, March 2, caved in further to bear pressure as lead indices of the bourse plunged deeper.

The all-share index slumped by 1.40 percent to record the biggest loss since November 8, 2016 closing at an 11-month low of 24,829.59 points.  This brings the Year-to-Date loss

Market breadth remained negative, with nine gainers paired against 13 losers. Dismal activities in the Industrial Goods index following heavy selloffs brought down market value.

The index slumped by 2.51 percent, as investors liquidated their positions in the shares of Nigeria’s most capitalized listed company and cement producer.

Dangote Cement Plc and Paints and Coatings Manufacturers Nigeria Plc both depreciating by 4.99 percent and 4.62 percent.

Meanwhile, the Oil & Gas, Consumer Goods, Insurance and Banking indices appreciated by 0.76 percent, 0.71 percent, 0.15 percent and 0.11 percent respectively; with the following stocks playing host: Forte Oil Plc, Nigerian Breweries Plc, AIICO Insurance Plc and Guaranty Trust Bank Plc all gaining 5.00 percent, 1.72 percent, 3.51 percent and 0.77 percent apiece.

Forte Oil Plc emerged the topmost gainer with a gain of N2.35 per share, while mid-tier lender, Unity Bank Plc became the topmost loser with a loss of 0.06 kobo per share to close the trading session.

In terms of turnover, total volume traded on the domestic bourse declined by 18.43 percent to 186.00 million shares, valued at N1.75 billion, and traded in 2,899 deals, Cordros reports.