By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Monday extended its bearish streak for the sixth consecutive day, as the all-share index (ASI) declined 0.11 percent to close at 27,398.98 points, while market capitalisation dropped N10.61 billion to and N9.41 trillion.
“Today’s performance increased the Month-to-Date and Year-to-Date losses to 2.20 percent and 4.35 percent respectively,” Cordros daily market update affirmed.
At the close of the session on the Nigerian bourse, Cordros reports the Consumer Goods and Oil & Gas indices dipped by 1.12 percent and 0.47 percent each, owing to losses recorded by beer giants, Nigerian Breweries Plc and Honeywell Flour Mills Plc by 2.28 percent and 4.40 percent apiece, while oil marketing majors, Oando Plc and Total Nigeria Plc dipped by 3.06 percent and 4.99 percent respectively.
The report affirmed that on the flip side, the Banking and Insurance indices climbed down by 1.25 percent and 0.61 percent each, following respective gains recorded in the shares of Nigeria’s tier one lenders, Guaranty Trust Bank Plc and Access Bank Plc by 3.63 percent and 2.19 percent. While reinsurer, Continental Reinsurance Plc and insurer, AIICO Insurance Plc climbed up 2.00 percent and 4.41 percent each.
In the same vein, the Industrial Goods index closed in green by 0.23 percent; benefitted from gains recorded in the shares of cement producer, Lafarge Cement Wapco Plc by 0.68 percent.
At the close of trading, market breadth posted a negative outlook, with 15 gainers and 18 losers posted, according to the NSE’s daily market statistics. FCMB Holdings emerged the top gainer with a gain of 0.07 kobo per share; while Dangote Flour Mills Plc topped the losers chart with a loss of 0.23 percent.
In terms of turnover, total volume traded on the nation’s equities market decreased by 2.05 percent to 118.37 million shares, valued at N1.27 billion, and traded in 2,899 deals.
“In the absence of any positive catalyst, we expect sentiments to remain dampened in tomorrow’s session,” the Cordros report added.
“In the immediate, we expect the index to remain volatile as the attractive yield on the fixed instruments and the not-too-inspiring Q2 numbers, released so far, constitute a drag on equities performance. However, over the medium to longer term, we are positive given the recent traction in both fiscal and monetary policies. As such, we advise investors with a medium to longer term horizon to gradually build positions in quality names,” InvestmentOne report said.
