Nigerian stock market may return to the positive territory before the end of the week as bargain hunter could take advantage of recent fall in equity prices to take a fresh position, traders said on Tuesday.
The main market indicator, the all-share index fell further on Tuesday, declined by 2.41 percent to close at 41,708 points.
According to stockbrokers, the market was dragged down by the depreciation recorded in the share of Dangote Cement, which accounts for a third of the total market capitalisation and United Bank for Africa (UBA).
Also, the stock of Nestle, FBN Holdings and Nigerian Breweries declined in the course of trading on Tuesday, helping to push the market index into negative territory.
The market capitalisation was down to 14.97 trillion naira, market data showed.
There were three most active stock traded on the market on Tuesday, which are Diamond Bank with total turnover of 67.70 million naira, First City Monument Bank FCMB with 49.22 million naira and Fidelity which grossed 42.77 million naira turnover.
"Market performance to remain soft in coming sessions with the possibility of a rebound at the end of the week, driven by bargain hunting," FSDH said in a note to clients..
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