By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian equities on Wednesday maintained its downward trend as all-share index (ASI) dipped 1.28 percent to close at 30,970.51 basis points (BPS), while market capitalisation declined by N137.42 billion to close at N10.58 trillion.
With today’s depreciation, the ongoing bearish streak entered its 11th consecutive session which commenced on July 01, Cordros capital market update said.
The update says current Year-to-Date (Y-t-D) returns on the Nigerian Stock Exchange (NSE) stands at a negative 10.64 percent, while the loss for the month of July increased to 7.43 percent.
According to Cordros, for the second consecutive session, all five (5) NSE Sectoral indices lost. “The Consumer Goods index topped the losers’ list with a 1.70 percent plunge, while the Industrial Goods and Banking indices followed suit with 1.46 percent and 1.08 percent declines respectively,” the report added.
Also, the Insurance and Oil/Gas indices shed 0.06 percent and 0.05 percent respectively.
At the close of transactions on the Nigerian bourse, market breadth maintained a negative outlook, recording 11 gainers and 40 losers, according to the NSE’s daily market statistics.
In terms of turnover, volume traded on the Nigerian equities market climbed up by 52.71 percent to 423.15 million shares, valued at N7.49 billion and traded in 3,961 deals.
“We expect investors to remain pessimistic in tomorrow’s session, as H1-2015 results released so far have been disappointing,” Cordros affirmed.
