By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday continued its descent as Year-to-Date (Y-t-D) and Month-to-Date (M-t-D) losses hits 20.37 percent and 5.42 percent respectively.
At the close of today’s trading on the local bourse, all-share index (ASI) dipped 0.80 percent to close at 27,596.81 basis points, while market capitalisation decreased by N275.16 billion to close at N9.49 trillion.
Cordros daily market update affirmed that all five (5) major sectors declined. It reported that the Banking sector declined by 0.27 percent on the losses recorded in the shares of lenders, Diamond Bank Plc and Access Bank Plc by 4.84 percent and 2.13 percent respectively.
According to the update, the Insurance and Consumer Goods sectors dropped 0.26 percent and 0.02 percent respectively; while the Industrial Goods sector depreciated by 1.5 percent; all on the losses recorded in the shares of NEM Insurance Plc, Honeywell Flour Mills Plc and cement producer, Dangote Cement Plc by 4.41 percent, 5.00 percent and 2.47 percent respectively.
The report affirmed in addition, the Oil & Gas sector went down by 0.56 percent amidst sustained losses in the shares of oil marketer, Oando Plc by 0.16 percent.
At the close of the day’s business on the Nigerian Stock Exchange (NSE), market breadth sustained a negative outlook with 13 gainers and 22 losers declared.
Drugmaker, Neimeth International Pharmaceuticals Plc emerged top gainer, with a gain of 0.08 kobo per share; while former Dangote Flour Mills Plc, nowTiger Branded Consumer Goods Plc topped the losers chart with a loss of 0.17 kobo per share to end the day.
In terms of turnover, total volume traded on the Nigerian bourse decreased by 12.67 percent to 137.38 million shares valued at N2.60 billion in 2,503 total deals.
“With investors’ sentiment firmly rooted in the negative, we expect another red session tomorrow. Furthermore, the announcement of significant monetary easing at today’s meeting could add further pressure on financials –as banks’ earnings are expected to be pressured from lower interest rates,” the Cordros update added.
