By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Bearish spree at the Nigerian equities market has entered its sixth consecutive session as benchmark index went down 0.36 percent to close at 37,979.99 points, while market capitalisation lost N45.83 billion to close at N12.56 trillion.
Cordros daily market update said the decline sent the Year-to-Date (YTD) and Month-to-Date (MTD) profiles at the Nigerian Stock Exchange (NSE) to 8.10 percent and 7.10 percent accordingly.
According to the report, sustained selling pressure, amidst disappointing corporate releases continued to weigh massively on the equities market.
Cordros further affirmed that all but one of the five NSE sectoral indices mirrored the broader markets performance.
It reported that the Industrial Goods index topped the losers chart with a 2.05 percent, the Banking, Oil/Gas and Consumer Goods index also declined by 1.25 percent, 1.01 percent and 0.20 percent respectively. While, the Insurance index appreciated by 0.16 percent.
In terms of market breadth, the Nigerian bourse remained negative as it recorded 28 losers and 14 gainers. Insurance firm, AIICO Insurance Plc led the gainers chart; while soap makers, Unilever Nigeria Plc led the losers table.
Market turnover at the Nigerian equities market showed that volume traded surged by 69.61 percent to 640.68 million shares, worth N3.91 billion and traded in 3,817deals.
“We posit a positive outcome in tomorrow’s trading session, as we expect investors to capitalise on fallen share prices,” the Cordros update stated.
