By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Bearish run on Wednesday persisted at the Nigerian Stock Exchange (NSE) for the sixth straight session as the all-share index (ASI) declined 0.34 percent to close at 30,510.95 basis points, while market capitalisation dipped by N35.60 billion to close at N10.46 trillion.
Cordros daily market update says the continuous contraction in the market led to an expansion of the Year-to-Date (Y-t-D) loss to 11.96 percent in a bearish trend that started on July 22, 2015.
The report affirmed that the Industrial Goods index was the sole gainer with a marginal increase of 0.08 percent, while the Insurance index topped the losers’ list with a 1.42 percent plunge. “The Oil/Gas and Banking indices recorded losses of 0.95 percent and 0.62 percent respectively,” the Cordros update added. Similarly, the Consumer Goods index also depreciated by 0.52 percent.
At the close of today’s session on the Nigerian bourse, market breadth remained negative, posting 16 gainers and 29 losers.
Insurer, African Prudential Insurance Plc emerged the top gainer with a gain of 0.22 kobo per share; while paint maker, Portland Paint Plc topped the losers table with a loss of 0.44 kobo per share to close the session.
In terms of turnover, volume traded on the Nigerian equities market dropped by 58.52 percent to 222.69 million shares, valued at N4.39 billion and traded in 3,601 deals.
“We opine cautious trading in tomorrow’s session as investor risk averse persist,” the Cordros update affirmed.
