Speculative Trading Continues As NGSE Seeks New Incentive As Index Declines Further
Market Update for November 26 The benchmark All-Share index Nigerian Stock Exchange (NSE) on Monday closed negative, extending the fourth session of back-to-back losses on a strong selling pressure in the banking, consumer and industrial goods sectors. Trading opened on a slight gap up in the morning to mid-morning before pulling back between midday to afternoon on selloffs in medium and highly capitalized stocks, made worse by the price adjustments of Nestle and Total Nigeria for the Q3 interim dividends declared by their directors. The index touched intraday highs of 31,779.90 basis points from a low of 31,562.31bps before retracing up marginally to finish the session at 31,579.72bps on a negative market breadth and below its opening points. The continued selloffs have further depressed the market to make lower lows on low volume traded as investors’ apathy persisted due to the persisting unclear direction of the Federal government’s economic policies and implementation sty...