By InvestAdvocate
Lagos (INVESTADVOCATE)-Stocks on Monday slumped into the negative zone as sell-offs across major counters saw the all share index (ASI) dip 0.62 percent to close at 25,349.07 basis points, while market capitalisation dropped by N54.35 billion to N8.72 trillion.
“Today’s activities cut the ASI’s Month-to-Date gain to 0.17 percent and increased the Year-to-Date loss to 11.50 percent, according to Cordros daily market update.
The update says the Consumer and Industrial Goods sectors declined 2.33 percent and 0.46 percent respectively, following losses in the shares of beer producer, Nigerian Breweries Plc and food and beverage manufacturer, Nestle Nigeria Plc by 3.55 percent and 1.43 percent. While, cement producers, Lafarge Cement WAPCO Nigeria Plc and Cement Company of Northern Nigeria Plc declined by 1.97 percent and 9.55 percent respectively.
In the same vein, the Banking index depreciated 0.86 percent, following the poor performance recorded in the shares of Nigeria’s top tier lenders, Guaranty Trust Bank Plc and Zenith Bank Plc both going down by 1.96 percent and 0.91 percent apiece.
According to Cordros, the Insurance sector also performed woefully 0.11 percent, owing to a price decline in the shares of reinsurer, Continental Reinsurance Plc by 1.10 percent.
On the positive side, the Oil and Gas index appreciated 0.54 percent as it benefitted from price increase in the shares of oil marketing firm, Total Nigeria Plc and first Nigerian dual listed oil and gas upstream company, Seplat Petroleum Development Company Plc by 2.46 percent and 2.02 percent apiece.
At the close of today’s trading on the Nigerian bourse, market breadth remained negative, with 16 gainers and 24 losers posted, according to the Nigerian Stock Exchange (NSE) daily stock market statistics.
Financial and investment services firm, United Capital Plc emerged the top gainer with a gain of 0.10 kobo per share; while cement producer, Ashaka Cement Plc topped the losers list with a loss of N2.22 per share to close the session.
In terms of turnover, total volume traded on the Nigerian equities market climbed by 14.85 percent to 242.69 million shares worth N1.65 billion and traded in 3,213 deals.
“Today’s activities indicate weakened investors’ interest. We however expect losses to be reduced in the coming session,” the Cordros update affirmed.
