Renewed sell off in the shares of many highly capitalised negatively impacted transactions on the Nigerian Stock Exchange (NSE) yesterday, as market capitalisation dropped by N10 billion.

Yesterday, the All-Share Index (ASI) shed 27.26 absolute points, representing a decline of 0.08 per cent to close at 32,417.70 points. Also, the market capitalisation declined by N10 billion to close at N11.835 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Unilever Nigeria, Nigerian Breweries, International Breweries, Northern Nigeria Flour Mills (NNFM) and Presco.

Analysts at Afrinvest Limited said: “We anticipate a rebound in today’s trading, as we saw significant buy interest in banking stocks yesterday, which we expect to be sustained throughout this week.”

Market breadth closed on the negative side, with 20 gainers versus 21 losers.

Cornerstone Insurance recorded the highest price gain of 10 per cent, to close at 22 kobo, per share. Cadbury Nigeria followed with a gain of 6.74 per cent to close at N10.30, while Chemical and Allied Products (CAP) rose by 5.45 per cent to close at N30, per share.

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Renewed selloff hits NSE as indices plunge by N10 billion http://www.sanwomi.com/2018/10/renewed-selloff-hits-nse-as-indices.html