By Yakubu LAAH InvestAdvocate
Lagos INVESTADVOCATE)-Nigerian Stocks on Wednesday extended its decline for the third consecutive session as the all-share index (ASI) dropped by 0.28 percent to close at 27,478.04 points.
“Today’s negative performance increased the Month-to-Date and Year-to-Date losses to 3.03 percent and 4.20 percent respectively,” according to reports from Cordros Research.
Cordros said at the close of the session, the Banking and Insurance indices closed lower by 0.12 percent and 0.40 percent each, following selloffs in the shares of Nigeria’s top tier lender, Zenith Bank Plc and insurer, Axa Mansard Insurance Plc both losing 0.41 percent and 2.50 percent respectively.
The Oil & Gas and Consumer Goods indices also depreciated 2.78 percent and 0.19 percent apiece, owing to investors liquidating their positions in the shares of oil marketing majors, Total Nigeria Plc and Forte oil Plc both dropping 4.60 percent, and 7.67 percent each; while food and beverage producer, Cadbury Nigeria Plc declined by 2.33 percent and Nigeria’s top brewer, Guinness Nigeria Plc lost by 0.25 percent.
However, the Industrial Goods index gained 0.28 percent, on the back of interest in the shares of CAP Plc and cement manufacturer, Lafarge Cement Wapco Plc both gaining 1.50 percent and 0.70 percent respectively.
At the close of business on the Nigerian bourse, market breadth maintained a negative outlook, with 12 gainers and 20 losers recorded, according to data from the NSE.
Leading provider of marine, aviation and logistics services, Caverton Offshore Support Group Plc emerged the top gainer with a gain of 0.03 kobo per share; while cement producer, Ashaka Cement Plc topped the losers list with a loss of N1.46 per share.
In terms of turnover, Cordros reports that the total volume traded on the Nigerian equities market fell by 46.86 percent to N81.91 million shares, valued at N592.52 million and exchanged in 2,520 deals.
“We expect sentiments to be guided by the release of Q3-2016 corporate earnings in tomorrow’s session,” the Cordros update affirmed.
