By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday continued its downward trajectory as the all-share index (ASI) shed 0.79 percent to close at 27,997.29 points, while market capitalisation dropped by N76.89 billion to N9.62 trillion.
“Today’s performance increased the Month-to-Date and Year-to-Date losses to 5.41 percent and 2.25 percent respectively,” Cordros daily market update affirmed.
The update reports that the Banking and Insurance indices declined 2.56 percent and 0.32 percent each and dragged lower by price declines in the shares of Nigeria’s tier one lender, Guaranty Trust Bank Plc and financial HoldCo, FBN Holdings Plc by 3.23 percent and 2.59 percent respectively; while insurers, Axa Mansard Insurance Plc and AIICO Insurance Plc lost 0.51 percent and 3.95 percent apiece.
The Industrial Goods index dropped 0.01 percent following the dismay performance recorded in the shares of cement producer, Lafarge Cement Wapco Plc losing by 0.25 percent to close in red.
Similarly, the Oil & Gas index climbed down 0.92 percent on the back of selloffs in the shares of Eterna Plc and Oando Plc both depreciating by 1.19 percent and 8.72 percent each. In the same vein, the Consumer Goods index lost by 0.16 percent, following negative interest in the shares of food & beverage producer, Nestle Nigerian Plc and brewer, Guinness Nigeria Plc declining by 1.76 percent and 0.87 percent respectively.
At the close of the session, market breadth remained negative, with six (6) gainers and 34 losers, according to the NSE’s daily market statistics. Lender, Skye Bank Plc emerged the top gainer for the fourth consecutive day; with a gain of 0.07 kobo per share; while Oando for the third straight day topped the losers chart with a loss of 0.47 kobo per share.
In terms of turnover, total volume traded on the domestic bourse decreased by 26.66 percent to close at 227.13 million shares, valued at N1.8 billion, and traded in 3,426 total deals.
“We anticipate another negative session tomorrow, as sentiments remain weakened,” the Cordros update added.
