By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Bearish sentiments on Tuesday persisted on the Nigerian bourse as all-share index (ASI) shed 0.95 percent to close the session at 28,102.14 basis points, while market capitalisation dipped by N92.23 billion to N9.66 trillion.
Cordros daily market update says that at the close of the day’s trading on the Nigerian Stock Exchange (NSE), four (4) of the five (5) sector indices recorded declines. It reported that the Consumer Goods once again dropped 2.63 percent and dragged the market following losses in the shares of Nigeria’s top brewer, Nigerian Breweries Plc by five (5) percent, soap and detergent maker, PZ Cussons Nigeria Plc and beverage producer, Cadbury Nigeria Plc losing 4.98 percent and 4.96 percent respectively.
In the same vein, the Oil & Gas index declined by 0.35 percent and closed lower on share depreciation in oil marketer, Mobil Nigeria Plc by five (5) percent and Eterna Plc 4.62 percent.
Similarly, the Industrial and Insurance sectors went down by 0.30 percent and 0.06 percent respectively and weighed down by declines in shares of cement manufacturer, Lafarge Cement Wapco Nigeria Plc losing 0.82 percent and insurers, Niger Insurance Plc and Custodian and Allied Insurance Plc going down by 1.96 percent and 0.98 percent respectively.
On the contrary, the Banking index gained 0.33 percent on the share price increase in lenders Fidelity Bank Plc and Access Bank Plc both climbing up 4.83 percent and 2.06 percent respectively.
At the close of today’s trading on the local bourse, market breadth posted a negative outlook with 15 gainers and 28 losers.
In terms of turnover, the Nigerian equities market reported total volume traded increased by 98.02 percent to stand at 195.97 million shares valued at N1.89 billion in 2,975 total deals.
“We expect the market to extend its negative sentiments in the next session,” the Cordros update affirmed.