By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Equities market on Wednesday sustained its bearish streak as all share index (ASI) declined 0.10 percent to close at 27,287.89 basis points, while market capitalisation dipped by N8.98 billion to N9.38 trillion.
Cordros daily market update reports today’s loss extended the Month-to-Date (M-t-D) and Year-to-Date (Y-t-D) losses to 0.36 percent and 21.26 percent respectively.
The update says four (4) of the five (5) sector indices recorded losses. It reported the Oil & Gas index topped the losers chart by 3.84 percent; following the poor performance in the shares of oil marketers, Forte Oil Plc, Oando Plc and first listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc losing 5.00 percent, 4.68 percent and 4.61 percent respectively.
The Insurance index declined by 1.03 percent after losses in the shares of insurers AIICO Insurance Plc, NEM Insurance Plc and AXA Mansard Insurance Plc by 3.23 percent, 2.99 percent and 2.57 percent respectively which reversed recent gains.
Also, Cordros reported that the Consumer Goods dropped by 0.03 percent and the Banking fell by 0.01 percent on the losses recorded in the shares of Flour Mills Nigeria Plc by 3.06 percent and lender, Access Bank Plc with a depreciation of 2.83 percent.
The report affirmed that the Industrial Goods sector climbed up by 1.31 percent on the gains recorded the share price of cement producers, Lafarge Cement Wapco Nigeria Plc and Dangote Cement Plc by 2.40 percent and 0.60 percent respectively.
At the close of today’s trading on the Nigerian bourse, market breadth retained a negative outlook with 18 gainers and 27 losers declared.
Soap and detergent maker, Unilever Nigeria Plc emerged the top gainer with a gain of N4.08 kobo per share; while paint producer, Portland Paints Plc topped the losers chart with a loss of 0.40 kobo per share to close the session.
In terms of turnover, total volume traded on the Nigerian equities market increased by 150.03 percent to stand 383.38 million shares valued at N5.34 billion in 2,857 total deals.
“With sell pressure waning, we anticipate a positive session tomorrow,” the Cordros update affirmed.
