By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Wednesday prolonged its losing streak to eight (8) consecutive sessions as benchmark index dipped 8.0 percent; following sustained sell-offs.
Current Year-to-Date (YTD) returns at the Nigerian bourse stands at a negative 13 percent.
All-share index (ASI) depreciated 2.14 percent to close at 35,958.38 points, its lowest value since the 19th of September 2013. ‘’Concurrently, market capitalisation declined by N260.26 billion to close at N11.91trillion,’’ Cordros daily market update said.
At the end of the session’s transactions on the Nigerian bourse, the insurance index was the only one of the five NSE sectoral indices to return positive, as it appreciated by 0.22 percent. The industrial index topped the losers chart with a 3.97 percent loss while the consumer goods, banking and oil/gas indices followed with 3.64 percent, 2.13 percent and 1.74 percent decline respectively.
The Cordros report further affirmed that the little risk appetite and broad panic sales were reflected in a poor market breadth of only eight (8) gainers and 50 losers’, with 66% of the laggards recording price declines of 4.00 percent and above. Drugmaker May & Baker Nigeria Plc led the gainers chart; while cement manufacturers Lafarge Cement Wapco Nigeria Plc emerged top on the losers table.
Turnover shows that volume traded went down by 46.83 percent to 400.23 million shares, worth N4.02 billion and traded in 4,374 deals.
‘’We opine further price declines tomorrow; however, cheaper valuations could spur investors’ appetite,’’ the Cordros market update added.
