By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday continued its descent as all-share index (ASI) declined 0.74 percent to close at 28,798.67 basis points, while market capitalisation decreased by N74.29 billion from N9.97 trillion to N9.90 trillion.
Cordros daily market update says the decline extended the Month-to-Date (M-t-D) and Year-to-Date (Y-t-D) losses to 1.30 percent and 16.90 percent respectively.
The report noted that four (4) of the five (5) sector indices declined. Cordros say the Consumer Goods sector dipped by 1.71 percent on losses in the shares of drugmaker, May & Baker Nigeria Plc by 4.76 percent, brewer, Nigerian Breweries Plc down by 3.14 percent and beverage maker, Nestle Nigeria Plc with a dip of 0.86 percent.
While, cement producer, Lafarge Cement Wapco Nigeria Plc climbed down by 4.00 percent pushed the Industrial sector to a negative 1.59 percent.
In the same vein, the Banking sector dragged 1.02 percent on the declines in the shares of lenders, United Bank for Africa Plc, Access Bank Plc, Zenith Bank Plc and Guaranty Trust Bank Plc by 1.60 percent, 0.64 percent, 0.58 percent and 0.30 percent respectively.
Similarly, the Insurance sector dipped 0.70 percent on losses in the shares of insurers, AXA Mansard Insurance Plc and AIICO Insurance Plc by 1.82 percent and 1.10 percent respectively.
On the contrary, the Oil/Gas sector gained by 0.06 percent bucked the trend following increases in the shares of Eterna Plc and Oando Plc by 2.70 percent and 0.52 percent respectively.
At the close of trading on the Nigerian bourse on Thursday, market breadth remained negative with 12 gainers and 25 losers, according to the Nigerian Stock Exchange (NSE’s) daily market statistics.
Insurer MANSARD emerged top gainer with a gain of 0.13 kobo per share; while OANDO topped the losers chart with a loss of 0.82 kobo per share to close the day.
In terms of turnover, volume traded at the close of business on the Nigerian equities market decreased by 23.02 percent to 167.29 million shares worth N1.30 billion in 2,990 deals.
“We remain cautiously optimistic on the outcome of the market tomorrow as investors await a policy direction of the newly elected ministers,” the Cordros update affirmed.
