By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Bears on Wednesday returned to the Nigerian Equities Market as all-share index (ASI) declined 0.06 percent to close at 24,809.29 points, while market capitalisation dropped by N5.01 billion to N8.53 trillion.
“Today’s loss increased the Month-to-Date and Year-to-Date losses to 1.96 percent and 13.38 percent respectively,” according to Cordros daily market update.
The report says at the close of today’s session, the Oil & Gas index depreciated 2.11 percent owing to losses recorded in the shares of oil marketing firms, Forte Oil Plc by five (5) percent and Total Nigeria Plc by 4.72 percent.
In the same vein, the Insurance, Consumer and Industrial Goods sectors dipped 0.07 percent, 0.02 percent and 0.01 percent apiece, driven by sell-offs in the shares of insurer, AIICO Insurance Plc, beermaker, Nigerian Breweries Plc and Dangote Cement Plc by 1.30 percent, 0.43 percent and 0.01 percent each.
Cordros reports that bucking the trend, the Banking index gained by 0.44 percent boosted by a strong rally in the shares of financial HoldCo, FBN Holdings Plc by 5.31 percent.
At the close of the session’s trading, market breadth posted a negative outlook with 19 gainers and 22 losers, according to the Nigerian Stock Exchange (NSE) daily market statistics. FBNH emerged the top gainer with a gain of 0.18 kobo; while drugmaker, GlaxosmithKline Consumer Nigeria Plc topped the losers chart with a loss of N2.42 per share to close the day.
In terms of turnover, total volume traded on the Nigerian Equities Market increased by 34.50 percent to 285.34 million shares, valued at N1.35 billion, and traded in 3,083 deals.
“We expect investor appetite to be strengthened in tomorrow’s session, as today’s loss came in marginal,” the Cordros update added.
