By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian bourse on Thursday closed negative as all-share index (ASI) dropped 0.38 percent to close at 23,605.89 basis points while market capitalisation declined by N30.51 billion to N8.09 trillion.
Consequently, the Month-to-Date (M-t-D) and Year-to-Date (Y-t-D) losses of the index increased to 1.67 percent and 17.89 percent respectively, according to Cordros daily market update.
The report says that the Oil & Gas index emerged the top gainer for the third consecutive session, on price increase in the shares of oil marketer, Forte Oil Plc by 9.35 percent.
Similarly, the Banking and Insurance sectors appreciated by 1.07 percent and 0.25 percent respectively on the improved performance of Nigeria’s top tier lender, Guaranty Trust Bank Plc gaining 2.32 percent and re-insurer, Continental Re-insurance Plc adding 4.30 percent to close the day.
On the contrary, the Consumer and Industrial Goods indices declined by 1.53 percent and 1.12 percent each, following price depreciations in the shares of food and beverage maker, Nestle Nigeria Plc and cement producer, Dangote Cement Plc both dropping by 5.00 percent and 2.13 percent respectively.
At the close of today’s session on the Nigerian Stock Exchange (NSE), market breadth maintained a negative outlook, posting 18 gainers and 26 losers, according to the NSE’s daily stock market statistics.
Beer producer, International Breweries Plc emerged the top gainer with a gain of N1.73 per share; while soda producer, Seven-Up Bottling Company Plc topped the losers chart with a loss of N9.34 per share.
In terms of turnover, total volume traded on the Nigerian equities market increased by 100.18 percent to close at 2.64 billion shares, valued at N3.74billion in 3,057 total deals.
“We expect bearish trading tomorrow as short term traders continue taking profits,” the Cordros update affirmed.
