By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) all-share index (ASI) declined 0.42 percent to close at 30,199.15 basis points, while market capitalisation dropped by N43.29 billion to close at N10.38 trillion.
Cordros daily market update says the retreat was as a result of major sell-offs in Industrial Goods sector heavyweights.
According to the update, today’s decline extended the Month-to-Date (M-t-D) and Year-to-Date (Y-t-D) losses to 3.26 percent and 12.86 percent respectively.
The report affirmed that two (2) of the five (5) major sector indices gained. It reported the Oil/Gas sector appreciated by 1.23 percent following gains in the shares of oil marketer, Oando Plc by 8.34 percent, while appreciations in shares of Nigeria’s top tier brewers, Guinness Nigeria Plc and Nigerian Breweries Plc by 4.72 percent and 2.05 percent respectively led the Consumer Goods index to a 1.07 percent gain.
On the contrary, shares of cement producer, Dangote Cement Plc was down by 2.60 percent dragging the Industrial sector index to a 1.51 percent loss, the Cordros report said.
However, declines in the shares of Nigeria’s top tier lender, Guaranty Trust Bank Plc and Diamond Bank Plc by 0.21 percent and 1.72 percent respectively led to the Banking sector depreciation by 0.12 percent; while insurer AIICO Insurance Plc went down by 1.12 percent resulting to 1.51 percent declines. In the same vein, Lafarge Cement WAPCO Nigeria Plc dropped by 0.51 percent.
At the close of today’s trading on the Nigerian bourse, market breadth posted a negative outlook with 14 gainers and 19 losers recorded.
Oando emerged top gainer with a gain of 0.76 kobo per share; while full service building and civil engineering contracting firm, Arbico Plc topped the losers chart with a loss of 0.26 kobo per share to close the day.
In terms of turnover, volume traded dipped by 15.45 percent to 207.48 million shares worth N3.44 billion in 2,767 deals.
“We expect investors to continue selling off in the next session,” Cordros update added.
