By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Wednesday closed the session on a bearish note for the third consecutive session, as all-share index (ASI) fell by 0.52 percent to close at 27,687.80 points, while market capitalisation dropped by N56.19 billion to N9.17 trillion.
“Today’s proceedings increased the ASI’s Month-to-Date and Year-to-Date losses to 1.15 percent and 3.33 percent respectively, Cordros daily market update affirmed.
The update says that the Banking and Oil & Gas indices dipped 1.04 percent and 2.24 percent on the losses reported in the shares of Nigeria’s top tier lenders, Zenith Bank Plc and Guaranty Trust Bank Plc by 0.12 percent and 2.08 percent apiece. While the first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc and oil marketer, Oando Plc lost by 9.75 percent and 0.36 percent respectively.
Similarly, the Consumer Goods and Insurance indices dropped by 0.23 percent and 0.93 percent each, following losses in recorded in the shares of Nigeria’s brewing giants, Nigerian Breweries Plc and Guinness Nigeria Plc by 0.44 percent and 4.99 percent respectively, while insurers, Axa Mansard Insurance Plc and AIICO Insurance Plc climbed down 3.58 percent and 1.37 percent apiece.
In the same vein, Industrial Goods index depreciated by 1.45 percent to close in red, as cement producer, Lafarge Cement Wapco Plc lost by 3.90 percent.
Cordros reports at the close of trading, market breadth on the Nigerian bourse was negative with 17 gainers and 24 losers posted, according to the NSE’s daily market statistics.
MRS Oil Nigeria Plc emerged the top gainer with a gain of N3.95; while Seplat topped the losers chart with a loss of N27.58 per share to close the session.
In terms of turnover, total volume traded on the Nigerian equities market increased by 9.21 percent to 301.15 million shares, valued at N2.34 billion, and traded in 3,681 deals.
“We expect negative sentiments to persist in tomorrow’s session, as today’s performance further highlights the fact that investor appetite remains weakened,” the Cordros report added.
