By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday extended its bearish trading profile as benchmark index declined 1.03 percent to close 40,572.25 points while market capitalisation lost N139.60 billion to close at N13.40 trillion.
Cordors Capital daily market update affirmed that the bearish trading at the Nigerian bourse was as a result of continued sell off in blue-chip companies including oil marketing firm Forte Oil Plc, (FO), cement manufacturers Dangote Cement Plc (DANGCEM) and brewers Guinness Nigeria Plc (GUINNESS) pressured the Nigerian Stock Exchange all-share index (NSE ASI) further.
The Cordros update said three (3) out of the five (5) NSE sectoral indices mirrored the market decline.
It reported that the Industrial Goods depreciated the most as it lost 5.64 percent, while the Oil/Gas and Insurance Indices both weakened by 1.20 percent and 0.07 percent respectively. On the other hand, the Consumer Goods and the Banking Indices rose by 0.47 percent and 0.17 percent respectively.
In terms of market breadth, the Nigerian bourse was negative as it recorded 18 gainers and 35 losers. The NSE volume traded appreciated by 70.91 percent to 698.84 million shares worth N6.07 billion and traded in 4,833 deals.
‘’Looking ahead, we expect the market to gain support tomorrow as losses of the last four trading sessions create opportunity for entries,’’ the Cordros report said.
