ASI records marginal decrease

The Nigerian Stock Exchanges All Share Index declined marginally at the close of trading on Monday.Activities on the Nigerian bourse had opened with an ASI of 20,122.14, but decreased by 18.92 basis points or 0.09 per cent to close at 20,103.22 points.The capital market had recorded a significant rise at the close of business on Friday, boosting investor confidence. However, Mondays fall in ASI, according to analysts, is not enough to discourage investors, as they note that the market has the potential to bounce back.They explained that global stocks improved on Monday. Though experts and shareholders had expressed doubt about a near recovery of the capital market, they noted that the rise last Friday and the marginal fall on Monday signalled that the market had the tendency to recover sooner than expected.They, however, said that the fall in equities in the past months had adversely affected the market, stressing that the development had made both foreign and local investors exit the stock market.They called on the regulatory agencies and market operators to come up with initiatives that would guarantee further rise in ASI and market capitalisation.Three market indicators appreciated in points, while two others declined at the close of activities on Monday.The NSE 30 and NSE Food/Beverage declined by 1.04 and 3.19 basis points to close at 896.12 and 561.72 points, respectively.The NSE Banking, NSE Insurance and NSE Oil/Gas appreciated by 0.9, 2.10 and 0.92 basis points to close at 276.42, 147.16 and 245.05 points, respectively.The banking sub-sector continued its lead on the activity chart, in terms of volume traded. Investors in the sub-sector exchanged 97.744 million shares worth N700.077m in 1,662 transactions.Trading in the shares of Guaranty Trust Bank Plc, Zenith Bank Plc, Diamond Bank Plc and First Bank of Nigeria Plc boosted activities in the banking sub-sector. Activities in the banking sub-sector accounted for 75.49 per cent of total turnover for the day. A total of 19 stocks recorded price appreciation, in contrast to 16 that recorded losses.
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