By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian stocks on Tuesday shed a marginal 0.42 percent to extend a seven-day bearish streak as all–share index (ASI) closed at 22,456.32 points.
At the close of trading on the Nigerian Stock Exchange (NSE) market capitalisation dipped by N32.5 billion to N7.72 trillion, bringing the Month and Year-to-Date losses each to 21.60 percent, according to Cordros daily market update.
The report says three (3) of the five (5) NSE sector indices gained. It said the Industrial Goods and Banking indices led the gainers chart with gains of 0.82 percent and 0.54 percent respectively; following price increases in the shares of cement producer, Lafarge Cement WAPCO Nigeria Plc and Nigeria’s top tier lender, Zenith Bank Plc ; both gaining 2.17 percent and 6.11 percent respectively.
According to Cordros, the Insurance index also strengthened marginally 0.31 percent on the back of gains recorded in the shares of insurers NEM Insurance Plc and Continental Re-Insurance Plc by 8.62 percent and 4.35 percent respectively.
On the contrary, the Consumer Goods and Oil & Gas indices declined 2.23 percent and 1.70 percent according dragged by losses reported in the shares of beverage maker, Cadbury Nigeria Plc and brewer, Guinness Nigeria Plc going down by 5.06 percent and 9.61 percent respectively; while first listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc and Mobile Nigeria Plc dipped by 5.00 percent respectively.
The NSE closed business on Tuesday with market breadth sustaining a slightly negative posture, posting 24 gainers and 27 losers. Beer maker, International Breweries Plc emerged the top gainer with a gain of N1.40 kobo per share; while Okomu Oil Palm Company Plc topped the losers chart with a loss of N3.02 kobo per share.
In terms of turnover, total volume traded on the local bourse increased by 30.66 percent to close at 256.44 million shares, valued at N1.97 billion, in 4,731 total deals.
“In addition to the significant improvement in market breadth (as stated above), the market lost by its smallest margin in 8 days, signifying a rebound in market sentiments. We expect optimism to increase tomorrow, especially as Brent crude posted its strongest daily gains in four months,” the Cordros update affirmed.
