By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) all-share index (ASI) on Wednesday succumbed 0.52 percent on rife sell-offs to close at 31,107.11 basis points, while market capitalisation dipped by N55.73 billion to N10.66 trillion.
Cordros daily market update says the bears increased the Year-to-Date (Y-t-D) returns to 10.24 percent, while the Month-to-Date (M-t-D) gain fell to 3.07 percent.
According to the report, three (3) of the five (5) NSE sector indices moved in line with the broader market. “The Banking index recorded the worst performance with a 1.56 percent drop, the Consumer Goods index followed with a 0.47 percent decline, while the Insurance index also lost 0.28 percent,” Cordros update added.
On the contrary, the report says demand for the shares of Forte Oil Plc and Dangote Cement Plc led to a 0.68 percent and 0.05 percent growth in the Oil/Gas and Industrial indices respectively.
At the close of trading on the Nigerian bourse, market breadth worsened recording 10 gainers and 35 losers.
Drug maker, Evans Medical Plc emerged top gainer with a gain of 0.08 kobo per share; while lender Skye Bank Plc topped the losers chart with a loss of 0.12 kobo per share to close the day.
In terms of turnover, volume traded on the Nigerian equities market climbed up by 54.51 percent to 434.17 million shares, valued at N1.70 billion and traded in 3,015 deals.
“We maintain a negative outlook,” the Cordros update affirmed.
