By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The bears on Thursday resurfaced on the Nigerian equities market; as the all-share index (ASI) dipped 0.72 percent to close at 29,597.79basis points, while market capitalisation dropped N73.89 billion to N10.17 trillion.
“Today’s loss trimmed the Month-to-Date and Year-to-Date gains to 6.99 percent and 3.34 percent respectively, Cordros daily market update affirmed.
This is coming on the heels of investors profit-taking on yesterday’s gain. At the close of the session’s trading on the Nigerian bourse, the Banking, Consumer Goods and Oil & Gas indices closed lower by 0.79 percent, 0.51 percent and 0.85 percent respectively, following selloffs recorded in the shares of financial HoldCo, FBN Holdings Plc, Nigeria’s tier one lender, Zenith Bank Plc by 2.51 percent and 1.44 percent apiece.
While beer producer, Nigerian Breweries Plc and food and beverage company, Nestle Nigeria Plc declined by 1.44 percent and 0.02 percent each. First dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc and oil marketing major, Forte Oil Plc depreciated by 2.94 percent and 1.90 percent respectively.
Similarly, the Industrial Goods index dipped by 0.61 percent, driven by losses recorded in the shares of Nigeria’s most capitalised listed company and cement producer, Dangote Cement Plc by 1.03 percent.
On the positive side, bargain hunting in the shares of insurers, Nem Insurance Plc, AIICO Insurance Plc and reinsurer, Continental Reinsurance Plc, all gaining 8.51 percent, 2.82 percent and 2.68 percent each.
At the close of today’s business on the Nigerian Stock Exchange (NSE), market breadth posted a negative outlook with 21 gainers and 24 losers declared.
NEM emerged the top gainer with a gain of 0.08 kobo per share; while logistics company, Trans-Nationwide Express Plc topped the losers chart with a loss of 0.07 kobo per share.
In terms of turnover, total volume traded increased by 12.03 percent to 342.60 million shares, valued at N4.65 billion, and traded in 4,078 deals.
“We expect bullish sentiments to return in tomorrow’s session, as stock prices look attractive at current levels,” the Cordros update affirmed.
