Nigerian Stock Exchange: Why Market Recorded 0.35% Loss Thursday

The Nigerian Stock Exchange (NSE) Thursday recorded 0.35 per cent loss due to sell pressure.

Concise News understands that the All-Share Index went down by 98.13 points, representing a dip of 0.35 per cent to close at 27,990.61 points.

Also, the market capitalisation, which opened at N13.689 trillion, lost N48 billion to close at N13.641 trillion.

It was learned that the downtrend was caused by losses recorded in large and medium capitalised stocks.

Stocks affected included those of MTN Nigeria, Dangote Cement, Forte Oil, Global Spectrum Energy Service and Caverton Offshore Support Group.

“We expect the bearish performance to persist, although there are opportunities for investors to take advantage of undervalued stocks,” News Agency of Nigeria quotes analysts at Afrinvest Limited as saying.

Wapic Insurance led the losers’ chart by 10 per cent to close at 36k per share.

Global Spectrum Energy Service followed with a decline of 9.57 per cent to close at N5.20, while Morison Industries depreciated by 9.09 per cent to close at 50k per share.

Caverton Offshore Support Group lost 8.95 per cent to close at N2.34, while Oando dipped five per cent to close at N3.80 per share.