By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Thursday posted a modest gain to halt a two-day losing streak, as the all-share index (ASI) advanced 0.08 percent to close at 28, 0391.90 points.
”Today’s positive performance trimmed the Month-to-Date loss to 1.07 percent and trimmed the Year-to-Date loss to 2.13 percent,” according to Cordros daily market update.
At the close of the session, Cordros reports that gains were recorded in the Consumer Goods index by 0.41 percent, following positive interest in the shares of soft drink producer, SevenUp Bottling Company Nigerian Plc, Flour Mills Nigeria Plc and beer maker, Nigerian Breweries Plc; the trio gaining 8.37 percent, 4.99 percent and 0.12 percent accordingly.
However, losses were recorded in the Banking and Insurance indices both declining by 0.28 percent and 0.44 percent each on sell-offs in the shares of Nigeria’s top tier lenders, Zenith Bank Plc, Guaranty Trust Bank Plc; both dipping by 0.33 percent and 1.00 percent apiece. Insurer, AIICO Insurance Plc depreciated by 1.56 percent and reinsurer, Continental Reinsurance Plc lost by 4.76 percent.
The Oil & Gas and Industrial Goods indices declined by 0.09 percent and 3.07 percent respectively; following losses recorded in the shares of oil marketing majors, Total Nigeria Plc and Oando Plc by 2.71 percent and 5.00 percent each, while cement manufacturers, Ashaka Cement Plc and Lafarge Cement Wapco Plc dipped by 7.62 percent and 9.49 percent respectively.
At the close of trading on the domestic bourse, market breadth posted a negative outlook, with 20 gainers and 23 losers recorded according to the NSE’s daily market statistics. Conoil is back on the gaining streak by emerging the top gainer with a gain of N2.90; while WAPCO topped the losers chart with a loss of N5.20 per share to close the session.
In terms of turnover, total volume traded on the Nigerian equities market increased by 86.37 percent to N348m shares, valued at N2.65 billion and exchanged in 3,366 deals.
“With no indicators to suggest otherwise we expect the downward trend to continue. Bearish performance dominated various indices in today’s session, which is a true reflection of the sentiment in the equities market space,” the Cordros report affirmed.
