By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Tuesday dipped 0.64 percent following losses recorded across broad sectors.
The All Share Index closed at 28,351.28 points, while market capitalisation declined by N62.40 billion to N9.74 trillion. “Today’s decline extended the Month-to-Date and Year-to-Date losses to 2.83 percent and 18.20 percent respectively, according to Cordros daily market update.
The update reported that all five (5) sectors indices declined at the domestic bourse, it reported the Banking sector went down by 0.18 percent on the back of price declines in financial services giant FBN Holdings Plc and Nigeria’s tier one (1) lender Guaranty Trust Bank Plc by 7.52 percent and 0.72 percent respectively.
Also, the Consumer and Industrial Goods sectors dipped by 1.23 percent and 0.01 percent following losses in the shares of beer maker Nigerian Breweries Plc by 2.04 percent and paint producer, Berger Paints Plc with a loss of 4.99 percent.
In the same vein, the Insurance and Oil & Gas sectors dipped 0.51 percent and 0.88 percent respectively on the losses recorded in the shares of Continental Reinsurance Plc and NEM Insurance Plc by 4.76 percent and 1.46 percent accordingly, while for the Oil & Gas sector, Oando Plc and first listed Nigerian oil and gas upstream firm, SeplatPetroleum Development Company Plc shed 4.55 percent and 1.74 percent respectively.
At the close of today’s trading on the Nigerian bourse, market breadth posted a negative outlook with 14 gainers and 24 losers.
Animal feeds manufacturer, Livestock Feeds Plc emerged the top gainer with a gain of 0.07 kobo per share, while UACN Property Development Company Plc topped the losers chart with a loss of 0.70 kobo per share to close the session.
In terms of turnover, volume traded on the Nigerian equities market decreased by 35.68 percent to 130.70 million shares valued at N2.51billion in 3,156 deals.
“Our outlook is for another red session tomorrow with negative investor sentiment firmly entrenched on the domestic bourse. However, today’s release of a modest Q3’15 GDP growth figure (2.84 percent) might provide a catalyst for some cautious optimism,” the Cordros update affirmed.
