By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Wednesday sustained bearish sentiments as all-share index (ASI) dipped 0.47 percent following losses across broad sectors to at 28,219.44 basis points, while market capitalisation declined by N45.32 billion to N9.74 trillion.
“Today’s decline extended the Month-to-Date and Year-to-Date losses to 3.28 percent and 18.58 percent respectively,” Cordros daily market update affirmed.
The report says two (2) sectors indices declined these include the Consumer Goods sector which went down by 0.74 percent on losses recorded in the shares of sugar producer, Dangote Sugar Plc and beer maker, Nigerian Breweries Plc by 3.08 percent and 1.52 percent respectively.
The other sector that went down is the Oil and Gas sector posting decline of 2.51 percent on the losses recorded in the shares of oil marketers, Forte Oil Plc and Oando Plc by 5.00 percent and 1.77 percent respectively.
On the contrary, the Cordros update reported that the Banking, Insurance and Industrial Goods sectors climbed up 0.34 percent, 0.18 percent and 0.02 percent respectively on the gains declared in the shares of Nigeria’s top tier lenders Zenith Bank Plc and United Bank for Africa Plc by 1.54 percent and 0.28 percent respectively.
While on the Insurance sector, gains recorded in the shares of NEM Insurance Plc and AIICO Insurance Plc by 3.03 percent and 1.10 percent respectively; boosted the sector.
On the Industrial Goods sector, gains reported by cement producer, Ashaka Cement Plc and paint manufacturer, Berger Paints Plc by 1.77 percent and 4.93 percent according impacted positively on the sector to close today’s session.
At the close of the day’s trading on the Nigerian bourse, market breadth maintained a negative outlook with 25 losers and 15 gainers recorded.
Berger Paints emerged the top gainer with a gain of 0.45 kobo per share; while Dangote Flour Mills Plc topped the losers chart with a loss of 0,12 kobo per share to close the day.
In terms of turnover, total volume traded on the Nigerian equities market to close the day increased by 10.48 percent to stand at 143.69 million shares valued at N1.45 billion in 2,406 total deals.
“We expect another negative session on the market tomorrow with no positive catalyst on the horizon,” the Cordros update added.
