Stock Investors Lose N12bn on Tuesday

• Stock Investors Lose N12bn on Tuesday

The Nigerian Stock Exchange (NSE) sustained bearish trend for fourth consecutive trading day on Tuesday as the bourse dipped by N12 billion amid selling pressure.

The NSE All-Share Index declined by 23.38 basis points or 0.08 percent to close the day at 27,546.56 basis points, down from the 27,570.94 basis points it closed on Monday.

Also, the market capitalisation of listed equities dipped by N12 billion from N14.36 trillion on Monday to N14.35 trillion on Tuesday as weak sentiment continues to dictate market path.

Activity level was mixed as only 168 million shares were traded in 3,075 deals during trading session. The premium board led the most active chart with 78.6 million shares traded in 1,358 transactions. Access Bank Plc and Zenith Bank Plc drove activity on the main board.

The exchange had led global stock perfomers to a record-high of 9.59 percent gain in January before policy uncertainty amid sell pressure weigh on the bourse.

The Central Bank of Nigeria led Monetary Policy Committee had said the Open Market Operations policy could increase currency in-circulation and pressure comsumer prices further. This, led to a rumour of possible change of stance in CBN OMO restriction policy and the reason investors (non-bank local investors) are now holding back from the exchange.

While CBN policy remains unclear, investors are glad to hold-off until the apex bank provides clarity going forward.