By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Wednesday dipped 0.07 percent as all-share index (ASI) closed at 29,032.44 basis points, while market capitalisation decreased by N7.02 billion to close at N9.98 trillion.
Cordros daily market update said the development is coming on the heels of continuous negative sentiments especially in the Consumer Goods stocks which increased the Month-to-Date (M-t-D) and Year-to-Date (Y-t-D) losses to 0.50 percent and 16.26 percent respectively.
The report says four (4) of the five (5) sector indices declined. It affirmed that the Consumer Goods depreciated by 0.64 percent on the losses recorded in the shares of soap and detergent makers Unilever Nigeria Plc and PZ Cussons Nigeria Plc by 4.98 percent and 1.03 percent respectively.
Also, beverage producer, Nestle Nigeria Plc and brewer, Nigerian Breweries Plc went down by 0.85 percent and 0.40 percent respectively.
Similarly, performance in the shares of insurer, AIICO Insurance Plc losing 3.33 percent dragged the Insurance index down by 0.11 percent, while declines in the shares of Nigeria’s top tier lenders, Access Bank Plc and Zenith Bank Plc by 3.04 percent and 0.11 respectively led the Banking sector down by 0.03 percent.
Cable manufacturer, Cutix Plc and paint producer, African Paints Nigeria Plc declined by 5.00 percent and 4.78 percent respectively led the Industrial indices lower by 0.01 percent, according to the Cordros daily market update.
The Oil/Gas index emerged the sole gainer with a gain of 0.03 percent following appreciations in the shares of oil marketer, Oando Plc and Eterna Plc by 7.22 percent and 4.52 percent respectively.
At the close of today’s trading on the Nigerian bourse, market breadth maintained a negative outlook with 18 gainers and 27 losers recorded. Oando emerged top gainer with a gain of 0.47 kobo per share; while its peer Mobil Nigeria Plc topped the losers list with a loss of N15.01 per share.
In terms of turnover, volume traded increased by 8.90 percent to 181.60 million shares worth N2.06 billion in 3,073 deals.
“As shares hover around Y-t-D lows, investors may likely re-enter the market in the coming session,” the Cordros report affirmed.
