By InvestAdvocate
Lagos (INVESTADVOCATE)-There was bloodbath on the Nigerian Stocks Exchange (NSE) as the all-share index (ASI) dipped 3.6 percent to near a three-and-half-year low at the close of Wednesday’s trading.
This is coming on the heels of dwindling fortunes of the naira hitting a new low of N300 per dollar on the black market after the Central Bank’s decision to restrict dollar supply and the plunging global oil prices.
The NSE benchmark index on the Nigerian bourse closed today as 25,103.05 basis points, bringing the Month and Year-to-Date (Y-t-D) returns to stand currently at a negative 12.36 percent and increasing today’s loss to 7.12 percent.
At the close of business, three (3) gainers and 34 losers were recorded, according to the NSE’s daily market statistics, cement manufacturer; Ashaka Cement Plc topped the gainers chart with a gain of N2.26 kobo per share, while oil palm production company, Okomu Oil Palm Company Plc emerged the top loser with a loss of N3.51 kobo per share.
Cordros daily market update says the local bourse declined for the 4th consecutive day with market capitalisation decreasing by N320.49 billion to N8.63 trillion.
The update affirmed that all broad sector indices declined in today’s session. Losses in shares of lenders, Guaranty Trust Bank Plc and Zenith Bank Plc by 4.99 percent and 9.52 percent respectively brought down the Banking index by 4.74 percent.
Similarly, the Industrial and Consumer Goods indices dipped 4.11 percent and 3.36 percent dragging lower on the back of declines in the shares of cement producer, Dangote Cement Plc and beverage maker, Nestle Nigeria Plc by 5.00 percent respectively.
In the same vein, the Insurance and Oil and Gas sectors went down 0.48 percent and 0.43 percent respectively following declines in the shares of insurer, Continental Re-Insurance Plc and oil marketer, Oando Plc by 5.00 percent and 4.92 percent respectively.
At the close of today’s business on the Nigerian equities market, total volume traded increased by 65.29 percent to stand at 369.23 million shares valued at N1.69 billion in 2,887 total deals.
“With oil prices taking a deep dive to $29 per barrel, combined with another session of broad sector losses, we expect negative sentiments to persist and anticipate a further decline in the market as the trading week nears its end,” the Cordros update added.
