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!!
See the list of top ten losers and gainers below;