Nigeria’s stock market moved further into the negative zone on Tuesday ,April 21 as investors continued to take profit on recent gains.
The market had posted about 7.2 percent increase or N801.3billion gains last week while the Bulls consolidated their position on the Bourse.
But following the record dominance by the Bulls in the last few sessions, which resulted to most fundamentally sound stocks recording capital appreciation, the market has now witnessed a trend reversal.
Market watchers expect no deviation from this trading pattern when dealing members start to trade on Wednesday April 22 on the heels of persisting challenge with the global crude price which creates more uncertainties in the market.
The Nigerian Stock Exchange (NSE) All-Share Index (ASI) decreased by 1.27 percent on Tuesday to 22,629.92 points, from 22, 920.41 points recorded the preceding trading day. Year to date, the market has yielded negative return of -15.69percent.
In 4,877 deals, stock investors exchanged 250,346,066 units valued at N2.325billion. The value of listed stocks decreased by N152billion to N11.793trillion, from N11.945trillion.
Equity research analysts at Lagos-based Vetiva Securities said they do not foresee any positive catalysts that is capable of lifting sentiment
