By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The bears on Wednesday sustained its hold on the Nigerian stock market, as all-share index (ASI) dipped 0.94 percent to close at 28,221.18 points, while market capitalisation dropped by N91.83 billion to N9.67 trillion.
Cordros reports that with today’s result, the Month-to-Date and Year-to-Date losses extended to 4.65 percent and 1.47 percent respectively.
According to Cordros update, at the close of transactions on the Nigerian Stock Exchange (NSE), the Banking and Industrial Goods indices closed in red by losing 1.34 percent and 0.87 percent each, following losses in the shares of Nigeria’s top tier lender, Zenith Bank Plc, financial HoldCo, FBN Holdings Plc and cement producers Dangote Cement Plc and Lafarge Cement Wapco Plc all losing 3.97 percent, 1.96 percent, 1.32 percent and 0.43 percent respectively.
In the same vein, the Oil & Gas and Insurance indices dropped by 1.22 percent and 0.52 percent apiece, on the back of price declines in the shares of oil marketing major, Oando Plc and Total Nigeria Plc by 9.56 percent and 1.10 percent apiece, while insurers, Axa Mansard Insurance Plc and Nem Insurance Plc declined by 1.50 percent and 0.99 percent respectively.
On the otherhand, the Consumer Goods index climbed up by 0.04 percent and bucked the negative trend, buoyed by gains in the shares of fast moving goods consumer (FMCG) Honeywell Flour Mills Plc and Nigeria’s top tier brewer, Guinness Nigeria Plc both gaining by 4.46 percent and 0.22 percent each.
At the close of the session’s trading on the domestic bourse, market breadth remained negative, with eight (8) gainers and 27 losers, according to the NSE’s market statistics.
Skye Bank Plc emerged the top gainer for the third consecutive session with a gain of 0.06 kobo per share; while Oando topped the losers chart for the second straight day with a loss of 0.57 kobo per share.
In terms of turnover, total volume traded rose by 27.98 percent to 309.72 million shares, valued at N2.08 billion, and traded in 3,934 deals.
“In the absence of positive catalysts, we anticipate another session of loss tomorrow,” the Cordros update affirmed.
