The reign of the bears persisted yesterday, following sell pressure by investors on the Nigerian Stock Exchange (NSE), as market capitalisation plunged further by N155 billion.

Yesterday, the all-share index (ASI) shed 426.22 absolute points, representing a decline of 1.25 per cent to close at 33,611.69 points. Also, market capitalisation lost N155 billion to close at N12.271 trillion.The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Forte Oil, Global Spectrum Energy Services, Guaranty Trust Bank, and Nigerian Breweries.

Reacting to the market performance, analysts at Afrinvest Limited said: “market performance reflects investors’ bearish outlook on the market, as political risks remain heightened in addition to the continued absence of positive drivers. “We, however, expect some bargain hunting to drive performance in the near term based on the availability of attractive stocks in the market.”

Market breadth closed negative, with 11 gainers versus 21 losers. Sunu Assurance recorded the highest price gain of 10 per cent to close at 22 kobo per share. Union Diagnostic & Clinical Services followed with a gain of 7.41 per cent to close at 29 kobo, while Honeywell Flour Mills appreciated 5.56 per cent to close at N1.52 per share.
University Press gained 4.17 per cent to close at N2, while Mutual Benefit Insurance gained 3.70 per cent to close at 28 kobo per share.On the other hand, Nestle Nigeria led the losers’ chart with 9.67 per cent to close at N1,355 per share.
Global Spectrum Energy Services shed 9.45 per cent to close at N5.75, while Forte Oil fell 9.29 per cent to close at N19.05 per share. Regency Alliance Insurance lost 8.70 per cent to close at 21 kobo, and Japaul Oil also shed 7.69 per cent to close at 24 kobo per share.
The total volume traded depreciated by 11.75 per cent to 137.63 million shares worth N1.36 billion, traded in 3,104 deals. Transactions in the shares of Diamond Bank topped the activity chart with 30.07 million shares valued at N40.4 million. United Bank for Africa (UBA) followed with 16.66 million shares worth N130.87 million, while Guaranty Trust Bank traded 11.25 million shares valued at N390.94 million.Fidelity Bank traded 10.11 million shares at N17.19 million, while FBN Holdings transacted 6.64 million shares worth N59.76 million.

http://www.akelicious.net/2018/09/market-indices-plunge-further-by.html

Market capitalisation plunged further by N155 billion, the foreigh reserves also nosediving in an alarming rate.

This is nothing but the effect of cluessness of the economy managers who play myopic politics within everything.

Kai Barber!

Buhari is a curse to this country


He must come out and debate with his fellow presidential hopefuls....

Nothing seems to be working in this administration.

This is the type of news some idiots will come and jubilate, insult buhari and cum everywhere on the thread

Quite understandable , anyone who knows anything about investments would know investors can not continue pumping money into the economy with an upcoming election, need to cut risks



If he spoil finish , na all of us go suffer am

Firefire:
effect of cluessness of the economy managers

Buhari must debate


We won't allow his vice to stand for him...

Osibanjo is not the president....

Could someone kindly volunteer to explain how this stock market thing works. The bearers

[s]

RevenGeMission:
This is the type of news some idiots will come and jubilate, insult buhari and cum everywhere on the thread




If he spoil finish , na all of us go suffer am

[/s]

Bros try and make sense, at least once in a while.

Sharpshooota:


Buhari must debate


We won't allow his vice to stand for him...

Osibanjo is not the president....

The economic terrorist has nothing to offer except to demarket Nigeria and demonised her good people by labelling everyone kworupt.

RevenGeMission:
This is the type of news some idiots will come and jubilate, insult buhari and cum everywhere on the thread

If he spoil finish , na all of us go suffer am

As a Yoruba Muslim .. You must be happy with the news... That's why you support the dullard..

To continue running down the country

Na today?I think we are use to bad news.

Hmmm. Ladies and gentlemen, it's time to blame Jonathan again. On your marks, get set, go!

And zombies Will continue to say sai baba. Nigeria economy is manage by incompetent hands.

A whole lot is happening and will be worst if PMB win this election. It will signal the end of living in this country. The few businesses that around is hinging on the hope that he loses and the uncertainty is very profound around. Confidence can only be restored once he losses

sanandreas:
Nothing seems to be working in this administration.

Absolutely nothing, except PROPAGANDA & BOGUS claims.

This is just the beginning, as soon as Buhari becomes APC sole candidate, expect more dumping. No positive Vibes to stair the market.

The market is Bearish till after election

One chance government

Political uncertainty is one of the contributory factors.

frankwyte:
A whole lot is happening and will be worst if PMB win this election. It will signal the end of living in this country. The few businesses that around is hinging on the hope that he loses and the uncertainty is very profound around. Confidence can only be restored once he losses

The table below as sample that Nigeria is in crisis and will experience more if these sets of thieves are allowed to continue.

Have you forgotten you are the one that said you don't need sense before you post ?? i still have your screenshot

Firefire:
[s][/s]

Bros try and make sense, at least once in a while.

When 95% of buhari handlers and supporters are clueless Stark illiterates

chai this is bad oo i wonder if even the bulls will happen even for a day

and the lifeless one kai Barbar still forming the Redeemer, as it was in 1985 it will be in 2018... my people don't allow them to scam you

FiDIFi is responsible- BMCs

Nothing seems to be working in this administration.v

FG imposed billion dollar fines on one of the biggest investors in Nigeria without fair hearing on an issue FG could be wrong and we all wonder why investors lost confidence a week later in businesses here.

When was the last time GTB stock fell?

If MTN were to be quoted on our stock exchange, it will worse than 155 billion.

FGs action in recent times to succesful businesses is responsible for this.

If I am an investor, I will also take my money out.

Our policies does not encourage investors.

We only say it, our actions says otherwise.

When I read things like this I just laugh because you can't employ primary six graduate to be a teacher in secondary school it wont work so plunging down is even better I'm waiting for it to crash to pieces.

I think Buhari is working he is the only man to do it isn't Let it crash crumble and crush to pieces I give no bleep.

This thing called Buhari took 6 good months to choose ministers and at the end he appointed imbecilles to runs his govt now see plunging, falling and failure everywhere Nigerians ain't seen anything yet.

the redundant ancestor is really working!

by the time he's done, the only survivors will be emaciated cows and goats!

d economy will die under GMB. d more dey borrow d more d economy stagnates

RevenGeMission:
This is the type of news some idiots will come and jubilate, insult buhari and cum everywhere on the thread

Quite understandable , anyone who knows anything about investments would know investors can not continue pumping money into the economy with an upcoming election, need to cut risks



If he spoil finish , na all of us go suffer am

You have said all, when the stock market ended up last year as one of the best performing, the same people when down playing the significance now it is bearish due to upcoming elections they are celebrating its declline. Funny firedtheif supported is a talking about Foreign reserves that his master Jogogoro left depleted. There is no reasoning with a pigheaded fool!