By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)- Nigerian stocks on Thursday remained on the red as all share index (ASI) declined by 2.73 percent to hit 27,935.77 points , while market capitalisation also dropped by N262.09 billion to close at N9.32 trillion.
With this loss, current Year-to-Date (YTD) returns at the Nigerian Stock Exchange (NSE) stands at a negative 19.39 percent.
“Negative shock on highly captilised stocks remains evident, hence taking the present bearish streak to its sixth day,” Cordros market update said.
According to the report, all of the five (5) NSE Sectoral indices dipped for the third consecutive session.
Cordros says the Industrial Goods index retained its position at the top of the losers pack with a 4.15 percent decrease, while Banking and Consumer Goods indices followed with a 2.50 percent and 2.28 percent decline respectively.
Similarly, the Insurance and Oil/Gas indices followed suit with a drop 0.77 percent and 0.63 percent respectively.
Market breadth worsened at the Nigerian equities market recording five (5) gainers and 37 losers compared to 11 gainers and 28 losers reported the previous session. Cement producer, Cement Company of Northern Nigeria (CCNN) emerged top gainer with a gain of 0.46 kobo. While, Flour Mills of Nigeria Plc topped the losers chart with a loss of N2.51 kobo.
However, turnover shows that volume traded climbed up by 21.24 percent to 411.56 million shares, valued at N4, 483 billion and traded in 3,491 deals.
“The market is expected to sustain its bearish streak tomorrow as investors remain wary of the uncertainties in the country,” the Cordros report added.
