By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday resumed losses, as all-share index (ASI) dipped by 0.17%, amidst pressure in the banking sector to close at 27,607.12 basis points, while market capitalisation decreased by N16.09 billion to 9.52 trillion.
“Both month-to-date and year-to-date losses edged up to 5.07 percent and 20.08 percent respectively,” Cordros daily market update affirmed.
The update says that only one (1) out of the five (5) sector indices declined. It reported that the Banking sector declined by 1.53 percent reversing yesterday’s gain; following losses in the shares of Nigeria’s tier one (1) lenders, Guaranty Trust Bank Plc and Zenith Bank Plc by 4.50 percent and 1.82 percent respectively.
On the contrary, the Industrial and Consumer Goods sectors appreciated by 0.04 percent and 0.72 percent respectively; maintaining positive momentum on the gains for the second straight session in the shares of brewers, Guinness Nigeria Plc and cement producers, Cement Company of Northern Nigeria by 5.00 percent and 2.50 percent respectively.
Similarly, the Insurance and Oil & Gas sectors climbed up by 0.49 percent and 0.16 percent on gains recorded in the shares of insurers, Custodian and Allied Insurance Plc and NEM insurance Plc by 3.70 percent and 3.03 percent respectively; while oil marketing major, Oando Plc and Eterna Plc grew by 2.56 percent and 4.97 percent respectively.
At the close of today’s trading on the Nigerian bourse, market breadth recorded a positive outlook with 24 gainers and 20 losers recorded.
Guinness emerged top gainer with a gain of N6.00 per share; while Tiger Branded Consumer Goods Plc topped the losers chart with a loss of 0.16 kobo per share to close the session.
In terms of turnover, total volume traded on the Nigerian equities market for the review period fell by 17.84 percent to 167.46 million shares worth 2.32 billion in 2,625 deals.
“We are cautiously optimistic that the market will rebound in tomorrow’s session having found support at current levels,” the Cordros update affirmed.
