By InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian stocks on Tuesday opened the fourth quarter (Q4) of 2016 on a bearish note following a one-day public with the benchmark index falling by 0.20 percent to close at 28,277.93 points.
“Today’s performance increased the Year-to-Date loss to 1.27 percent, according to Cordros daily market update.
The report says the Consumer Goods and Insurance indices dipped by 12.54 percent and 0.09 percent apiece, on the back of selloffs in the shares of Nigeria’s top brewer, Nigerian Breweries Plc and insurer, Nem Insurance Plc both losing by 2.77 percent and 4.88 percent each.
On the positive side, Cordros reports that gains were recorded in the Banking and Oil and Gas indices by 3.86 percent and 0.43 percent each driven by price appreciations in the shares of Guaranty Trust Bank Plc and oil marketer, Oando Plc; both gaining by 4.13 percent and 1.30 percent respectively; while the Industrial Goods index traded flat.
At the close of the session on the Nigerian Stock Exchange (NSE), market breadth was negative, with 11 gainers and 17 losers posted, according to the NSE’s daily market statistics.
Brewer, Champion Breweries Plc emerged the top gainer with a gain of 0.14 kobo per share; while Caverton Offshore Support Group 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 fell by 9.05 percent to 198.10 million shares, valued at N1.31 billion, and traded in 2,806 deals.
“We expect negative sentiments to persist in tomorrow’s session,” the Cordros update affirmed.
