By InvestAdvocate
Lagos (INVESTADVOCATE)-Negative sentiments on Tuesday persisted on the Nigerian Stock Exchange (NSE) as all-share index (ASI) dipped 0.86 percent to close at 29,572.90 basis points, while market capitalisation decreased by N88 billion to close at N10.16 trillion.
“Today’s decline increased the Month-to-Date and Year-to-Date losses to 5.27 percent and 14.67 percent respectively, Cordros daily market update affirmed.
The report says two (2) of the five (5) sector indices gained. The Insurance index gained by 1.23 percent following share increases in Axa Mansard Insurance Plc and Continental Re-Insurance Plc by 4.74 percent and 1.01 percent respectively, while the Industrial index once again added 0.22 percent due to a 0.30 percent gain in the shares of cement maker, Dangote Cement Plc, according to Cordros report.
On the contrary, the report affirmed that the Banking index with a loss of 1.89 percent topped the losers’ chart as the likes of financial services giant FBN Holdings Plc lost 4.87 percent, while lenders United Bank for Africa Plc dipped 4.79 percent, Guaranty Trust Bank Plc and Zenith Bank Plc declined by 2.89 percent and 1.68 percent respectively dragging the sector index.
Similarly, the Oil and Gas index depreciated by 1.39 percent on the back of Nigeria’s oil marketing major Oando Plc going down by 9.67 percent, according to Cordros update, while the Consumer Goods index lost by 0.81 percent dipped following declines in the shares of brewer, Guinness Nigeria Plc by -5 percent, while fast consumer moving goods (FCMG) firms, Flour Mills of Nigeria Plc and beverage maker, Nestle Nigeria Plc went down 1.13 percent and 0.01 percent respectively.
The report further affirmed that at the close of trading on the Nigerian Bourse, market breadth was negative with 14 gainers and 34 losers.
In terms of turnover, volume traded increased by 61.50 percent to 141.27 million shares worth N1.36 billion in 3,218 deals.
“We do not expect a reversal in market trend as mixed corporate releases so far have left investors’ appetite bland,” the Cordros update added.
