By InvestAdvocate
Lagos (INVESTADVOCATE)-The three-day bullish streak on the Nigerian Stock Exchange (NSE) came to a halt on Tuesday as the market retreated by 1.08 percent following sell offs in Banking and Oil & Gas shares.
At the close of today’s trading on the Nigerian equities market, the all share index (ASI) closed at 27,533.03 basis points, while market capitalisation declined by N103.44 billion to N9.47 trillion, according to Cordros daily market update.
The update says the loss pared the Month-to-Date (M-t-D) gain to 0.54 percent and extending the Year-to-Date (Y-t-D) loss to 20.56 percent.
Cordros reports that four (4) of the five (5) NSE sector indices recorded loses. It affirmed that the Banking sector with a drop of 2.86 percent topped the losers’ chart following plunges in the shares of Nigeria’s top tier lenders, Zenith Bank Plc and FBN Holdings Plc by 3.52 percent and 1.69 percent respectively.
The update says similarly, losses in the shares of oil marketing giants, Forte Oil Plc and Oando Plc by 5.13 percent and 4.84 percent dragged the Oil & Gas sector to a 2.74 percent decline.
In the same vein, the Industrial and Consumer Goods sectors shed 1.09 percent and 0.18 percent respectively following declines in the shares of Cement Company of Northern Nigeria Plc by 4.88 percent, cement producers, Lafarge Cement WAPCO Nigeria Plc 2.16 percent, Dangote Cement Plc by 0.25 percent and brewer, Nigerian Breweries Plc by 2.16 percent..
On the contrary, the Insurance sector was the sole gainer with a gain of 0.04 percent lifted by an appreciation in the shares of insurer, AXA Mansard Insurance Plc with a gain of 1.48 percent.
At the close of the day’s business on the local bourse, market breadth posted a negative outlook with 16 gainers and 28 losers recorded.
Soap and detergent producer, Unilever Nigeria Plc emerged the top gainer with a gain of 3.50 kobo per share; while lender Zenith Bank topped the losers chart with a loss of 0.94 kobo per share to close the day.
In terms of turnover, the Nigerian equities market declared that total volume traded increased by 279.47 percent to stand at 485.04 million shares valued at N4.45 billion in 2,785 total deals.
“We expect the market to maintain a downward trajectory in the subsequent session,” the Cordros update affirmed.
