Trading Activities Nosedive After 8 Consecutive Days of Bullish Trend

Trading activities in the Nigerian equities market closed on a negative note on Thursday, February 26, after eight consecutive days of gains.

The market had sustained its bullish run since last week following intensified the activities of bargain hunters.

However, the market moderated on Thursday, February 26, as the Nigerian Stock Exchange All-Share Index dipped by 0.50 per cent to close at 30,045.56, while market capitalisation shed N50 billion to close at N10 trillion.

In the market, 22 stocks plunged just as 22 others appreciated in value as well. Sectorally, only the NSE Insurance Index closed positively.It went up by 1.7 per cent on the back of gains recorded by Mansard Insurance (4.7 per cent) and Custodian & Allied Insurance (2.6 per cent).

Specifically, significant drop in the ASI on Thursday, February 26,  was mainly due to sell-offs huge capitalised equities like Zenith Bank, Nigerian Breweries and Dangote Cement.

The market moderation was attributed to profit taking by short term investors who moved in to lock in gains recorded in most of the equities in the last bullish days.