By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Monday commenced the week on a negative note as all-share index (ASI) dipped 0.47 percent to close at 27,103.89 points, while market capitalisation dropped by N44.19 billion to N9.31 trillion.
“Today’s loss further extended the Month-to-Date and Year-to-Date losses to 2.02 percent and 5.37 percent respectively,” Cordros daily market update affirmed.
The update says today’s performance is coming on the heels of continuous selloffs across major counters.
At close of the session on the Nigerian equities market, the Consumer Goods, Industrial Goods and Insurance indices declined by 0.72 percent, 2.05 percent and 0.81 percent each, following losses recorded in the shares of food and beverage producers, Nestle Nigeria Plc and Cadbury Nigeria Plc by 2.95 percent and 2.76 percent.
On the Industrial Goods index, losses in the shares of cement giants, Dangote Cement Plc and Lafarge Cement Wapco Nigeria Plc by 0.73 percent and 4.39 percent; while on the Insurance side, reinsurer, Continental Reinsurance Plc and insurer, Axa Mansard Insurance Plc lost by 3.67 percent and 2.44 percent respectively.
Similarly, the Oil & Gas index dipped by 0.48 percent, owing to a price decline in the shares of Oando Plc by 5.00 percent.
On the positive side, the Banking index gained 0.76 percent, following appreciation in the shares of Nigeria’s top tier lenders, Guaranty Trust Bank Plc and Access Bank Plc by 0.69 percent and 4.17 percent apiece; as these stocks attracted investor interest.
According to Cordros, at the close of trading on the Nigerian bourse, market breadth was negative, with 15 gainers and 22 losers, according to the NSE daily market statistics.
Beermaker, Champion Breweries Plc emerged the top gainer with a gain of 0.16 kobo per share; while mid-tier lender, Unity Bank Plc topped the losers chart with a loss of 0.07 kobo per share to close the session.
In terms of turnover, total volume traded on the Nigerian equities market decreased by 20.10 percent to 152.33 million shares, worth N2.29 billion, and traded in 3,406 deals.
“We expect investors to remain downbeat, as the CBN’s delay of the MPC-guided forex flexibility details lingers,” the Cordros update added.
