By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Thursday shed 0.06 percent as all-share index (ASI) closed at 30,123.20 basis points, while market capitalisation dipped by N6.14 billion to close at N10.35 trillion.
Today’s trend is coming on the heels of modest gains in key Consumer Goods shares which trimmed the broader market losses further extending the Month-to-Date (M-t-D) and Year-to-Date (Y-t-D) losses to 3.51 percent and 13.08 percent respectively, according to Cordros daily market update.
The report says two (2) of the five (5) NSE sector indices recorded gains. It disclosed the Consumer Goods sector with 0.21 percent led the pack following gains in shares of brewing giant, Guinness Nigeria Plc 2.34 percent, Flour Mills Nigeria Plc 1.85 percent and beverage maker, Cadbury Nigeria Plc 0.46 percent.
According to Cordros, the Industrial Goods index once again appreciated by 0.14 percent, largely driven by the shares of paint maker, Berger Paints Plc 4.95 percent, Nigerian glass maker, Beta Glass Plc 3.04 percent and Chemical and Allied Products Plc 2.48 percent.
On the contrary, the Cordros update says losses in shares of insurers, AXA Mansard Plc 4.42 percent, NEM Insurance Plc 4.29 percent and AIICO Insurance Plc 2.30 percent dragged the Insurance index to a 1.50 percent decline, while the Banking with 0.64 percent and Oil/Gas 0.01 percent indices dipped on the back of lenders Access bank Plc with 3.75 loss, Zenith Bank Plc by 1.53 percent loss and BOC Gases Nigeria Plc with a loss of 4.78 percent.
At the close of today’s trading on the Nigerian bourse, market breadth posted a negative outlook with 18 gainers and 23 losers recorded.
Trans–Nationwide Express Plc topped the gainers chart with a gain of 0.09 kobo per share, while Ikeja Hotels Plc emerged the top loser with a loss of 0.18 kobo per share.
In terms of turnover, at the close of business on the Nigerian equities market, volume traded decreased by 34.21 percent to 172.51 million shares, valued at N1.08 billion and traded in 2,542 deals.
“Following the fifth consecutive losing session, stocks have assumed relative cheapness, making them an attractive entry for investors,” the Cordros update affirmed.
