By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Equities on Tuesday extended its losses as all-share index (ASI) dipped 1.20 percent on declines in the Banking and Consumer Goods sectors of the Nigerian Stock Exchange (NSE).
The ASI at the close of trading on the local bourse closed at 26,034.93 basis points, while market capitalisation decreased by N108.42 billion to N8.95 trillion.
Cordros daily market update affirmed that all sector indices declined, it reported that the Banking and Consumer Goods sectors depreciated 3.07 percent and 1.66 percent respectively to drag the market following losses in the shares of top tier lenders, Zenith Bank Plc and Guaranty Turst Bank Plc by 4.96 percent and 3.63 percent respectively.
On the Consumer Goods, soap and detergent maker, PZ Cussons Nigeria Plc and brewer, Nigerian Breweries Plc went down by 4.86 percent and 3.97 percent respectively to close the day.
Similarly, the Insurance sector closed 0.57 percent down on the declines in the shares of NEM Insurance Plc by 4.41 percent and Continental Reinsurance Plc 2.91 percent.
In the same vein, a decrease in the shares of oil marketing major, Oando Plc by 4.87 percent led the Oil & Gas index to a loss of 0.45 percent, while the Industrial index shed 0.01 percent on marginal losses the shares of paint producer, Berger Paints Plc and cement maker, Ashaka Cement Plc both going down 4.76 percent and 3.81 percent accordingly.
At the close of Tuesday’s business on the Nigerian bourse, market breadth was negative with eight (8) gainers and 32 losers recorded. Drugmaker, May and Baker Nigeria Plc emerged the top gainer with a gain of 0.05 kobo per share; while animal feeds company, Livestock Feeds Plc topped the losers chart with a loss of 0.12 kobo per share.
In terms of turnover, the Nigerian equities market reported total volume traded increased by 74.96 percent to stand at 223.39 million shares valued at N2.51 billion in 2,776 total deals.
“With all sector indices in red and the absence of a positive catalyst, we anticipate a loss in the upcoming session, albeit lower than today,” the Cordros update affirmed.
