By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) all-share index (ASI) slid deeper into the red zone sheds 0.45 percent to close at 27,272 basis points.
“Today’s negative close increased the Month-to-Date and Year-to- Date losses to 2.63 percent and 4.78 percent respectively,” Cordros Daily market update affirmed.
According to the report, the session’s unimpressive performance occurred across sectors. It reported that losses recorded in the shares of the Consumer Goods and Oil & Gas indices by 0.18 percent and 1.10 percent, were driven by price declines recorded in the shares of fast consumer moving goods (FCMG) company, Honeywell Flour Mills Plc and Dangote Flour Mills Plc by 4.61 percent and 3.86 percent apiece.
While Mobil Nigeria Plc and first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc lost 5.00 percent and 3.20 percent respectively to impact negative on the Oil & Gas index.
Similarly, the Insurance and Banking indices shed weight by 0.21 percent and 0.57 percent each, on the back of losses in posted in the shares of insurers, Nem Insurance Plc and AIICO Insurance Plc by 3.53 percent and 4.23 percent apiece, while lenders, Zenith Bank Plc and Access Bank Plc closed in red by 0.06 percent and 1.79 percent respectively.
In the same vein, the Industrial Goods index dipped by 0.32 percent, due to a selloffs in the shares of cement producer, Dangote Cement Plc by 0.56 percent.
At the close of the session on the domestic bourse, market breadth remained negative, with six (6) gainers and 31 losers recorded, according to the NSE’s daily market statistics. Wapic Insurance Plc emerged the top gainer with a gain of 0.02 kobo per share; while lender Sterling Bank Plc topped the losers list with a loss of 0.12 kobo per share.
In terms of turnover, total volume traded on the Nigerian equities market increased by 252.10 percent to 416.79 million shares, valued at N2.16 billion, and exchanged hands in 3,443 deals.
“We expect sentiments to remain weakened as today’s activities (negative market breadth and broad-sector losses) further suggest that investors remain mostly skeptical of the domestic bourse’s outlook,” the Cordros report added.
