The Guardian
The bears resurfaced on the trading floor of the Nigerian Exchange Limited (NGX) yesterday, after six consecutive days of uninterrupted bullish streak as losses in Betaglas and BUA cement dragged capitalisation by N65 billion.
Specifically, at the reopening of transactions yesterday, the All Share Index (ASI) decreased by 117.89 absolute points, representing a dip of 0.25 per cent to close at 47,436.45 points. Similarly, the market capitalisation lost N65 billion to close at N25.837 trillion.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Beta Glass, BUA Cement, United Capital, SCOA Nigeria and Access Holdings.
United Capital Plc said the impact of the recent 100bps Monetary Policy Rate (MPR) hike may impact negatively on the local bourse, as investors are expected to book profits from the recent rally.
