By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Wednesday suffered its two-day consecutive loss on profit-taking; as all-share index (ASI) dipped 1.87 percent to close at 24,056.12 basis points, while market capitalisation dropped by N157.79 billion to N8.27 trillion.
Cordros daily market update says today’s loss dragged the Month-to-date (M-t-D) gain to 0.59 percent and extending the Year-to-Date (Y-t-D) loss to 16.01 percent.
The update reported that a loss in the shares of cement producer and market heavyweight Dangote Cement Plc by 4.23 percent dragged the Industrial Goods index down by 2.26 percent into the red.
Similarly, Cordros reported that the Banking and Consumer Goods index declined by 0.94 percent and 1.76 percent respectively, following losses in the shares of Nigeria’s top tier lender, Guaranty Trust Bank Plc and financial Holdco, FBN Holdings Plc by 2.88 percent and 3.07 percent each, while on the Consumer Goods sector, beer producer, Nigerian Breweries Plc and food and beverage firm, Nestle Nigeria Plc depreciated by 0.99 percent and 2.55 percent respectively.
On the contrary, the Oil & Gas and Insurance indices appreciated by 0.74 percent and 0.10 percent each on the back of price increases in the share of first Nigerian dual listed upstream firm, Seplat Petroleum Development Company Plc by 5.00 percent and insurer, NEM Insurance Plc by 4.23 percent.
At the close of today’s trading on the Nigerian bourse, market breadth remained negative, with 13 gainers and 27 losers posted, according to the NSE’s daily market statistics. Seplat emerged the top gainer with a gain of N13.06 per share; while Northern Nigeria Flour Mills Plc topped the losers chart with a loss of 0.70 kobo per share to close the day.
In terms of turnover, total volume traded climbed by 15.35 percent to 335.61 million shares valued at N1.95 billion in 2,847 deals.
“We anticipate another negative session tomorrow – as profit taking activities in key heavyweight counters (DANGCEM, NB and NESTLE) continue to weigh on the index,” the Cordros update affirmed.
