By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Wednesday recorded a two-day losing streak as all-share index (ASI) dipped 2.09 percent on sell-offs in the Banking, Industrial and Consumer Goods sectors.
According to Cordros daily market update, the ASI closed at 23, 333.34 basis points, while market capitalisation decreased by N171.51 billion to N8.02 trillion, increasing the Month and Year-to-Date losses each to 18.54 percent.
Cordros reports that two (2) of the five (5) sector indices closed higher today, it said the Oil & Gas and Insurance indices gained 1.42 percent and 0.07 percent respectively; owing to the performance in the shares of first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc and AIICO Insurance Plc by 8.26 percent and 4.94 percent respectively.
On the contrary, the Banking index depreciated by 4.57 percent following losses recorded in shares of Nigeria’s top tier lenders, Zenith Bank Plc and Guaranty Trust Bank Plc by 7.59 percent and 4.00 percent each.
In the same vein, the Industrial and Consumer Goods indices declined by 3.51 percent and 0.49 percent according, dragged by losses recorded in the shares of cement producers, Dangote Cement Plc and Lafarge Cement WAPCO Nigeria Plc by 1.79 percent and 2.67 percent each. Beer makers Guinness Nigeria Plc and Nigerian Breweries Plc dropped by 2.68 percent and 4.91 percent respectively.
At the close of today’s trading, market breadth was negative, with 11 gainers and 24 losers, according to the NSE daily market statistics. Seplat emerged the top gainer with a gain of N14.12 per share; while Nigeria’s top conglomerate, Transnational Corporation of Nigeria Plc topped the losers chart with a loss of 0.12 kobo per share.
In terms of turnover, total volume traded on the Nigerian equities market increased by 82.34 percent to close at 260.48 million shares, valued at N1.70 billion in 3,465 total deals.
“Bearish trading is expected to persist as uncertainties remain over the persistent drop in oil prices and the weak outlook for the Naira. However, optimistic comments from Federal Reserve members after their meeting later tonight, combined with speculation that OPEC and non-OPEC producers may be edging closer to a deal to cut oil production, are likely to support oil prices and act as positive catalysts in the coming sessions,” the Cordros update affirmed.
