By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Tuesday closed on a negative note for the third consecutive day and dragged largely by the dismay performance in the shares of cement producer and most capitalised company on the Nigerian bourse, Dangote Cement Plc.

At the close of the session on the Nigerian equities market, investors’ appetite weakened further with the All Share Index (ASI) falling by 1.73 percent — its biggest loss since September 2, 2016 – to close at 27,098.52 points.

“Today’s loss significantly increased the Month-to-Date and Year-to-Date losses to 4.37 percent and 5.57 percent respectively,” according to Cordros daily market update.

The update reports the Industrial Goods and Banking indices plunged by 2.15 percent and 0.71 percent each, following price declines in the shares of DANGCEM and other cement manufacturers, Ashaka Cement Plc and Cement Company of Northern Nigeria Plc; the trio losing by 4.83 percent, 9.65 percent and 4.91 percent apiece.

While Nigeria’s top tier lenders, Zenith Bank Plc, Guaranty Trust Bank Plc and Access Bank Plc all lost by 0.67 percent, 0.41 percent and 0.53 percent respectively.

There was no respite for the Consumer Goods and Insurance indices as both lost by 0.24 percent and 0.07 percent each, following selloffs in the shares of brewer, Guinness Nigeria Plc and insurer, Wapic Insurance Plc both shedding weight by 0.62 percent and 1.96 percent each.

Market breadth remained negative with 11 gainers and 27 losers recorded, according to data from the NSE. Nigerian palm-oil producer, Presco Plc emerged the top gainer with a gain of N2.05 per share; while ASHAKACEM topped the losers chart with a loss of N1.31 per share to close the session.

In terms of turnover, total volume traded surged 12.17 percent to N113.50 million shares, valued at N1.23 billion, and traded in 2,435 deals.

“We expect investor sentiment to remain weak in tomorrow’s session,” the Cordros report affirmed.