By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Thursday halted a two-day gaining streak as the all-share index (ASI) dropped 0.56 percent to close at 28,046.96 points, while market capitalisation dropped by N54.49 billion to N9.63 trillion.
“Today’s negative close increased the Month-to-Date and Year-to-Date losses to 5.24 percent and 2.08 percent respectively,” Cordros daily market update affirmed.
According to the Cordros report, this trend is coming on the heels of weakened investors’ appetite following a stream of disappointing earnings from companies such as first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc, cement producer, Cement Company of Northern Nigeria Plc and construction giant, Julius Berger Nigeria Plc.
The update says at the close of the session, all broad sector indices declined, a loss in the shares of oil marketer, Oando Plc by 3.13 percent led to a decline in the Oil & Gas index by 0.24 percent, while the Banking and Insurance indices declined by 1.43 percent and 1.46 percent each to close in red following losses in the shares of financial HoldCo, FBN Holdings Plc by 4.83 percent, lender, Zenith Bank Plc losing by 2.92 percent. While insurers, Nem insurance Plc and Axa Mansard Insurance Plc dipped by 4.17 percent and 4.68 percent respectively.
Cordros reports there was no respite either for the Industrial and Consumer Goods indices both depreciating by 0.03 percent and 0.52 percent each, owing to dampened interest in shares of paint producer, Berger Paints Plc and cable maker, Cutix Plc both declining by 4.98 percent and 4.97 percent apiece; while Nigeria’s brewing giant, Nigerian Breweries Plc and Honeywell Flour Mills Plc went down by 0.92 percent and 3.03 percent each.
At the close of trading on the Nigerian bourse, market breadth posted a negative outlook with only eight (8) gainers compared to 27 losers recorded, according to the NSE’s daily market statistics.
MRS Oil Nigeria Plc emerged the top gainer with a gain of N3.59; while lender, Skye Bank Plc topped the losers chart with a loss of 0.06 kobo per share to close the session.
In terms of turnover, total volume traded on the Nigerian equities market decreased by 44.63 percent to stand at 270.72 million shares, valued at N2.25 billion and traded in 4,609 total deals.
“With today’s activities (e.g negative market breadth and weak sentiments across major counters) strongly reflecting weakened appetites, we expect the market to remain bearish in tomorrow’s session,” the Cordros update added.
