By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian bourse on Tuesday halted a four-day bullish run on profit taking in blue-chip stocks such as lenders, Zenith Bank Plc, Guaranty Trust Bank Plc and FBN Holdings Plc resulting in a 0.55 percent decline.
Cordros daily market update reported that all share index (ASI) closed at 23,832.03 basis points, while market capitalisation decreased by N45.26 billion to N8.20 trillion, increasing the Month and Year-to-Date losses each to 16.79 percent.
According to the update, the Oil & Gas index was the sole gainer with a gain of 0.84 percent following the performance in the shares of first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc and Oando Plc by 3.85 percent and 3.36 percent respectively.
On the contrary, the Consumer Goods and Banking indices declined 0.98 percent and 0.97 percent each following share price decreases in brewers, Nigerian Breweries Plc by 1.13 percent, Guinness Nigeria Plc by 0.25 percent. On the Banking index, Nigeria’s top tier lenders, FBNH and Zenith dipped by 3.51 percent and 0.49 percent respectively.
Similarly, the Insurance and Consumer Goods sectors lost 0.94 percent and 0.08 percent each dragged on the back of losses recorded in the shares of insurer, AIICO Insurance Plc by 1.22 percent and cement producer, Dangote Cement Plc by 0.14 percent.
At the close of the day’s trading on the local bourse, market breadth was negative, with 15 gainers and 29 losers posted. Beverage maker, Cadbury Nigeria Plc emerged the top gainer with a gain of N1.34 per share; while Indigenous marine, aviation and logistics services firm Caverton Offshore Support Group Plc topped the losers chart with a loss of 0.19 kobo per share.
In terms of turnover, total volume traded on the Nigerian equities market decreased by 33.61 percent to close at 142.85 million shares, valued at N1.64 billion in 3,298 total deals.
“We expect bearish trading tomorrow as short term players carry on with profit taking activities,” the Cordros update affirmed.
