By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Wednesday extended losses to a second consecutive session as the all-share index (ASI) declined 2.72 percent to close at 26,910.23 points, while market capitalisation dropped further by N258.59 billion to N9.24 trillion.
“Today’s performance further increased the Year-to-Date loss to 6.05 percent, according to Cordros daily market update.
The update says this is coming on the heels of persistent profit-taking across major counters.
At the close of the session, the Banking and Insurance indices dipped 6.62 percent and 0.81 percent each, on the back of selloffs in the shares of Nigeria’s top tier lenders, Guaranty Trust Bank Plc, Zenith Bank Plc and United Bank for Africa Plc each dropping 9.63 percent, 9.21 percent and 9.47 percent apiece. While reinsurer, Continental Reinsurance Plc and insurers, Nem Insurance Plc and AIICO Insurance Plc depreciated by 4.35 percent, 3.75 percent and 2.60 percent respectively.
Similarly, the Consumer and industrial Goods indices dipped by 2.86 percent and 1.40 percent each, driven by price declines in the shares of Nigeria’s top brewers, Nigerian Breweries Plc and Guinness Nigeria Plc by 4.96 percent and 4.99 percent each. While cement giants, Lafarge Cement Wapco Nigeria Plc and Dangote Cement Plc lost by 4.14 percent and 0.01 percent apiece.
In the same vein, Cordros reports that dampened interest in the shares of oil marketer, Oando Plc by 9.54 percent equally weighed on the Oil & Gas index declining by 1.33 percent.
At the close of the session, market breadth maintained a negative outlook, with eight (8) gainers and 37 losers, according to the Nigerian Stock Exchange (NSE) daily market statistics.
Electronic transaction switching and payment processing firm, eTranzact International Plc emerged the top gainer with a gain of 0.52 kobo per share; while Stanbic IBTC Holdings Plc topped the loser chart with a loss of N1.63 per share
In terms of turnover, total volume traded on the Nigerian bourse inched up by 5.15 percent to 352.30 million shares, valued at N3.85 billion, and exchanged hands in 5,024 deals.
“With investor appetite weakened, we expect profit-taking to persist in the coming session,” the Cordros report added.
