By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Tuesday halted its two-day gaining streak as all-share index (ASI) dipped 0.57 percent to close at 30,058.40 basis points; while market capitalisation declined by N59.37 billion to close at N10.33 trillion.
Today’s decline coming on the heels of sell-offs in the Consumer and Industrial goods sector deepened the Month to Date (M-t-D) and Year to date (Y-t-D) losses to 3.71 percent and 13.27 percent respectively, according to Cordros daily market update.
The report said there were three (3) sector gainers and two (2) sector losers in today’s session.
The Cordros update says the Consumer Goods loss by 0.63 percent and Industrial Goods decline by 0.76 percent weighed negatively on the ASI after brewer, Nigerian Breweries Plc lost 1.09 percent and cement producer Dangote, Cement Plc dipping by 1.80 percent.
Cordros affirmed that Banking and insurance sectors gained by 0.62 percent and 1.12 percent respectively following price appreciations in the shares of lender, Guaranty Trust Bank Plc by 1.44 percent and insurer, Axa Mansard Insurance Plc with a gain of 4.86 percent.
It further affirmed that the Oil & Gas sector also experienced uplift courtesy of gains in the shares of Mobil Nigeria Plc by 1.00 percent and first listed Nigerian oil and gas upstream firm, SeplatPetroleum Development Company Plc with 2.62 percent gain.
At the close of today’s trading on the Nigerian bourse, market breadth posted a slightly negative outlook with 23 gainers and 24 losers recorded.
Integrated energy company, Eterna Plc emerged top gainer with a gain of 0.09 kobo per share; while Logistics Company Trans-Nationwide Express Plc topped the losers chart with a loss of 0.10 kobo per share to close the day.
In terms of turnover, volume traded on the Nigeria equities market decreased by 7.71 percent to 124.24 million shares, valued at N1.38 billion traded in 2,930 deals.
“We expect investor interest to resurface in the Nigerian market given the number of heavyweights on the bid cart,” the Cordros update added.
