All-Share Index Sheds 1.3% to Close Below 35,000 Benchmark

The losing streak at the stock market continued Thursday with the Nigerian Stock Exchange All Share Index (NSE ASI) depreciating further by 1.29 per cent to close below 35,000 points at 34,618.43. The negative performance further pushed the year-to-date (YtD) decline to 9.48 per cent. Losses suffered by United Bank for Africa Plc, Access Bank, Zenith Bank, Lafarge Africa, and FBN Holdings were mainly responsible for the decline recorded.

The bears continued to dominate with 29 price losers as against 17 price gainers. Newrest ASL Services Plc led the price losers, shedding 10 per cent, trailed by Neimeth International Pharmaceuticals Plc with 9.5 per cent. Skye Bank Plc lost 8.7 per cent, while Continental Reinsurance Plc and Regency Alliance Insurance Plc dipped by 8.5 per cent and 8.3 per cent in that order.

Sunu Insurance Plc led the stocks that escaped from the bears, chalking up 10 per cent. Portland Paints and Products Plc garnered 9.7 per cent. Linkage Assurance Plc, Oando Plc and AXA Mansard Insurance Plc gained 8.8 per cent, 8.7 per cent and 6.3 per cent in that order.

Meanwhile, activity level advanced as volume and value traded increased 13.5 per cent and 6.5 per cent to 237.8 million shares and N3.1 billion respectively.