By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Wednesday maintained its southward profile as all-share index (ASI) declined 0.36 percent to close at 38,148.18 points, while market capitalisation lost N45.83 billion to close at N12.64 trillion.
The Cordros daily market update say the southward profile of the nation’s stock market is as a result of sustained selling pressure.
Thus, current market Year-to-Date (YTD) returns stands at a negative 7.70 percent.
According to Cordros, three (3) out of the five (5) NSE sectoral indices posted declines. The banking index continued its lead on the losers chart, as it lost 0.96 percent, the oil/gas and consumer goods index slowed by 0.95 percent and 0.12 percent respectively.
However, the industrial goods and insurance index appreciated by 0.74 percent and 0.23 percent respectively.
In terms of market breadth, the Nigerian bourse remained negative as it reported 16 gainers and 22 losers. UBA Capital led the gainers chart, while Africa’s global lender united Bank for Africa Plc (UBA) led the losers table.
Turnover at the Nigerian bourse shows that volume traded slowed by 5.30 percent to 3377.74 million shares, worth N4.10 billion and traded in 4,408 deals.
‘’We opine a positive outcome in tomorrow’s trading session, as we expect investors to capitalise on fallen share prices,’’ the Cordros daily market update affirmed.
