By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Tuesday closed negative 1.26 percent, halting its 6-day gaining streak.
Cordros daily market update said at the close of today’s trading on the local bourse, all-share index (ASI) closed at 24,514.91 basis points, while market capitalisation shrank by N107.51 billion to N8.43 trillion, cutting the Month-to-date gain to 2.50 percent and increasing the Year-to-Date loss to 14.41 percent.
The update affirmed that the Banking and Oil & Gas indices gained by 0.22 percent and 0.04 percent each, following price appreciations in the shares of financial HoldCo, FBN Holdings Plc and oil marketing major, Oando Plc by 3.71 percent and 0.53 percent respectively.
On the contrary, the Cordros report says the Industrial Goods and Insurance sectors depreciated by 2.12 percent and 1.54 percent each, following losses in the shares of cement producer, Dangote Cement Plc and reinsurer, Continental Reinsurance Plc by 3.94 percent and 4.08 percent respectively.
Similarly, the Consumer Goods index dropped by 0.63 percent as a result of price declines in the shares of beermaker, Nigerian Breweries Plc by 1.20 percent and food and beverage producer, Nestle Nigeria Plc by 0.45 percent.
At the close of today’s session on the domestic bourse, market breadth maintained a negative outlook with 16 gainers and 19 losers recorded. Drugmaker, May & Baker Nigeria Plc emerged the top gainer with a gain of 0.04 percent per share; while brewer, Champion Breweries Plc topped the losers chart with a loss of 0.15 kobo per share to close the session.
In terms of turnover, total volume traded on the Nigerian equities market expanded by 2.62 percent to 290.94 million shares valued at N2.88 billion in 2,934 deals.
“We expect losses to continue in the coming session, as investors’ appetite appears weak. However, expectations of oil price stability following Saudi Arabia, Russia, Qatar and Venezuela’s agreement on oil output freeze might provide a catalyst for bullish sentiments,” the Cordros report added.
