By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)- Bearish trading strengthened on Tuesday at the Nigerian bourse as the market closed on a negative note with benchmark index declining 1.09 percent to close at 40,537.20 basis points compared to 0.16 percent recorded on Monday.
Cordros Capital in its daily market report attributed the decline in all-share index (ASI) to sell-downs in the Banking, Industrial and Consumer Goods sectors; leading to the largest day loss recorded since August 11, 2014.
On its part, the market capitalisation shed N147.57 billion to close at N13.39 trillion. ‘’The loss left the week-to-date (Wtd) and year-to-date (Ytd) performance profile at -2.40 percent and -1.92 percent respectively,’’ Cordros said.
The report further affirmed that three (3) of the five (5) NSE sectoral indices reflected the broader market’s performance. ‘’The Banking index dropped 1.41 percent, the Industrial index followed with a 1.19 percent decline, while the Consumer Good index fell by 1.13 percent. Conversely, the Oil/Gas index gained 2.20 percent, while the Insurance index added 0.64 percent,’’ the Cordros report affirmed.
In terms of market breadth, at the end of transaction on Tuesday at the Nigerian bourse, 40 losers and 17 gainers were recorded. Volume traded reduced by 14.67 percent to 294.39 million shares worth N3.49 billion were traded in 5,097 deals.
‘’Considering the broad declines today, we feel prices have only become more attractive hence we have a positive bias for tomorrow’s session,’’ Cordros said.
