By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian equities on Tuesday climbed down 0.80 percent to close at 29,125.69 points, while market capitalisation declined by N78.37billion to close at N9.72trillion.
With this trend, current Year-to-Date (YTD) returns at the Nigerian Stock Exchange (NSE) stands at a negative 15.28 percent.
According to a Cordros market update, the declines in all sectors led the market to close at a loss, as blue-chip stocks like lenders Guaranty Trust Bank Plc and Zenith Bank Plc, beer maker, Nigerian Breweries Plc and cement manufacturer Dangote Cement Plc retained their downward trajectory.
The report says that all of the five (5) NSE Sectoral indices’ declined. “The Oil/Gas index recorded the worst performance with a 1.93 percent decrease, while the Banking and Consumer Goods indices followed with 1.37 percent and one (1) percent drop accordingly,” the Cordros affirmed.
Similarly, the Insurance and Industrial Goods also dropped by 0.28 percent and 0.14 percent respectively.
Market breadth at the Nigerian equities market closed on a negative note as it recorded nine (9) gainers and 25 losers. Honeywell Flour Mills Plc led the gainers chart with a gain of 0.14 kobo; while salt maker, National Salt Company of Nigeria Plc emerged top loser with a loss of 0.71 kobo.
In terms of turnover, volume traded decreased by 11.98 percent to 320.80 million shares, valued at N4, 142 million and traded in 4,116 deals.
“The market is expected to come out negative tomorrow, as heightened pressure on the naira reduces investor’s confidence,” the Cordros update affirmed.
