The Nigerian All Share Index followed with yesterday bearish
run as the index posted a 4.19% loss. The Index opened flat before the
sell-offs that started yesterday took off.
Like yesterday, Tuesday’s sell off
was buoyed by blue chip stocks who lost between 5% and 9% today. In fact, about
8 out of the top 10 losers on Tuesday were stocks included in the NSE 30 index
of most capitalized stocks. A total 13 stocks gained and another 42 stocks
lost.
Whilst today’s sell-off can mostly be attributed to
profit taking, it is also connected with poor economic data emanating from most
world economies. The Euro is falling against the dollar, Oil prices keep
falling, Greece is back in the news and even US stocks is also beginning to
decline. This is all reminiscent of another Gobal recession and it’s getting
the market really, really scared!!
DOWNLOAD the list of top ten losers and gainers below;
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