The Nigerian stock market, yesterday traded a total volume of 207 million shares.
According to report on the Nigerian Stock Exchange (NSE), the activity level surged in the stock market as volume and value traded increased by 43.8 per cent and 82.7 per cent to 207.2 million units and N1.6 billion respectively.
However, the market shed additional points to extend bearish movement to the second day this week. In summary, the All-Share Index (ASI) shed 140.43 absolute points, representing a decline of 0.55 per cent to close at 25,446.66 points. Similarly, market capitalisation shed N48 billion to close at N8.770 trillion.
The downturn was largely boosted by value depreciation recorded in some medium and large capitalised stocks, amongst which are; Forte Oil, Nestle, PZ Industries, International Breweries, National Salts, UACN, Zenith Bank, Nigerian Breweries, Guinness and Access Bank.
Analysts at Afrinvest Limited said “Performance in the stock market remains driven by weakening macro-economic indicators as well as unimpressive earnings releases.
“We maintain our expectation of bargain hunters coming in to the market in the trading sessions ahead on account of cheap valuation of stocks.”