By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) resumed activities on an unimpressive note as stocks shed 1.37 percent amidst profit-taking across major counters.
According to Cordros daily market update, the all share index (ASI) closed at 25,545.10 points, while market capitalisation slumped by N214.17 billion to N8.69 trillion.
“Today’s uninspiring performance pared the Month-to-Date gain to 3.97 percent and increased the Year-to-Date loss to 10.81 percent,” the report affirmed.
The Cordros update says that the Industrial and Consumer Goods sectors suffered losses by 2.54 percent and 1.99 percent respectively, on the back of price declines in the shares of cement producer, Dangote Cement Plc by 1.19 percent and beermaker, Nigerian Breweries Plc by 4.99 percent apiece.
Similarly, losses recorded by Nigeria’s top tier lender, Zenith Bank Plc and insurer Axa Mansard Insurance Plc by 13 percent and 4.10 percent accordingly; caused the Banking and Insurance indices to drag down 0.80 percent and 1.23 percent respectively.
On the positive side, Cordros reports that the Oil & Gas index climbed up by 0.29 percent, as it was boosted by a price appreciation in the shares of oil marketing company, Total Nigeria Plc by 4.64 percent.
At the close of today’s trading on the domestic bourse, market breadth remained negative, with 11 gainers and 27 losers posted, according to the NSE’s daily stock market statistics.
Sugar refiner, Dangote Sugar Refinery Plc emerged the top gainer with a gain of 28 kobo per share; while chemical producer, Nigerian-German Chemicals Plc topped the losers list with a loss of 45 kobo per share to close the day.
In terms of turnover, total volume traded on the Nigerian equities market shrank by 28.80 percent to 282.70 million shares worth N1.34 billion and traded in 3,225 deals.
“With no positive catalyst on the horizon, we opine that profit-taking will continue in tomorrow’s session. However, we expect losses to be significantly reduced,” the Cordros update added.
