By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian Stocks on Wednesday continued its southward movement as all-share index (ASI) declined 1.39 percent to close at 28,721.27 points, while market capitalisation declined by N134.94 billion to close at N9.58 trillion.
With this loss, current market Year-to-Date (Y-t-D) at the Nigerian Stock Exchange (NSE) stands at a negative 17.13 percent.
Cordros market report says that the market maintained downward movement as continual sell-offs in blue chips stocks such as lenders Guaranty Trust Bank Plc and Zenith Bank Plc, cement maker, Dangote Cement Plc, Brewer, Nigerian Breweries Plc and oil marketer, Forte Oil Plc contributed to further decline from the preceding sessions.
The report says for the second consecutive session, all of the five (5) NSE Sectoral indices declined. “The Industrial Goods index recorded the worst performance with a 2.40 percent decrease, while the Oil/Gas and Banking indices followed with a 1.86 percent and 1.04 percent loss respectively,” the report affirmed.
Similarly, the Consumer Goods and Insurance indices also declined 0.56 percent and 0.14 percent respectively.
Market breadth at the Nigerian bourse closed on a negative note as 11 gainers and 28 losers were recorded. Beta Glass Company Plc emerged top gainers with a gain of N1.40; while Ashaka Cement Plc topped the losers chart with a loss of 0.96 kobo.
In terms of turnover, volume traded increased by 5.82 percent to 339.45 million shares, valued at N3, 512 billion and traded in 3,512 deals.
“The present bearish streak is expected to persist, as investors continue to react negatively to the election postponement,” the Cordros update affirmed.
