By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Bears on Tuesday resurfaced on the Nigerian Stock Exchange (NSE) as the benchmark index dipped marginally by 0.01 percent to close at 27,810.28 points.
“Today’s performance slightly increased the Month-to-Date and Year-to-Date losses to 0.71 percent and 2.90 percent respectively,” Cordros daily market update affirmed.
According to the report, at the close of trading on the domestic bourse, the Insurance index lost 0.33 percent, owing to selloffs in the shares of reinsurer, Continental Reinsurance Plc.
On the positive side, the Industrial Goods and Oil & Gas indices gained 0.52 percent and 4.22 percent, buoyed by price appreciations recorded in the shares of cement producers, Lafarge Cement Wapco Plc and Cement Company of Northern Nigeria Plc 3.57 percent and 3.27 percent respectively. While first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc climbed up by 10.25 percent and Forte Oil Plc gained 5.00 percent.
Similarly, positive investors’ interest in the shares of Guaranty Trust Bank Plc appreciating by 0.97 percent and financial HoldCo, FBN Holdings Plc gaining 1.28 percent caused the Banking index to go up 0.25 percent. In the same vein, Honeywell Flour Mills Plc and Dangote Sugar Refinery Plc grew by 3.70 percent and 3.52 percent each boosting the Consumer Goods index by 0.33 percent to close on green.
At the close of the session on the Nigerian bourse, market breadth remained positive, with 27 gainers and 15 losers posted, according to daily market statistics by the NSE.
SEPLAT emerged the top gainer with a gain of N25.11 per share, while mid-tier lender, Unity Bank Plc topped the losers chart with a loss of 0.08 kobo per share to close the session.
In terms of turnover, total volume traded decreased by 15.69 percent to 182.25 million shares, valued at N2.93 billion, and traded in 3,113 deals.
“We expect negative sentiments to continue tomorrow,” the Cordros update affirmed.
