By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Thursday closed on a bearish note as the all-share index (ASI) declined by 0.62 percent to close at 27,854.78 points.
“Today’s performance increased the Month-to-Date and Year-to-Date losses to 1.70 percent and 2.75 percent respectively,” according to Cordros daily market update.
The report says losses were recorded by majority of the indices. The Banking and Insurance indices dropped by 2.13 percent and 0.34 percent apiece as investors sold off their holdings held with top Nigerian lenders, Zenith Bank Plc and Guaranty Trust Bank Plc; both declining 0.26 percent and 4.75 percent respectively. While insurers, AIICO Insurance Plc and Wapic Insurance Plc depreciated by 1.64 percent and 3.85 percent each.
Likewise, the Industrial Goods and Oil & Gas indices closed lower by 0.94 percent and 1.31 percent apiece, following sell-offs in the shares of cement producers, Lafarge Cement Wapco Plc and Cement Company of Northern Nigeria Plc both losing by 2.58 percent and 3.51 percent each, oil marketing majors, Oando Plc and Forte Oil Plc declined as well by 0.77 percent and 4.82 percent respectively. “FO’s disappointing earnings in Q3-16 are linked with sell-offs by investors in today’s session,” the Cordros report said.
On the positive side, gains in the shares of Nigeria’s top brewers, Guinness Nigeria Plc and Nigerian Breweries Plc both gaining 0.40 percent and 0.82 percent bolstered the Consumer Goods index which appreciated by 0.33 percent.
At the close of the session’s trading on the Nigerian bourse, market breadth posted a negative outlook with 11 gainers and 27 losers recorded, according to data obtained from the NSE.
Mid tier lender Diamond Bank Plc emerged the top gainer with a gain of 0.05 kobo per share; while online payment platform providers, Etranzact International Plc topped the losers chart with a loss of 0.27 kobo per share to close the session.
In terms of turnover, the total volume traded on the Nigerian equities market increased by 144.73 percent to N380 million shares, valued at N1.8 billion and exchanged in 2,954 deals.
“We expect investor’s sentiments to be guided by corporate earnings releases in tomorrow’s session,” the Cordros update affirmed.
