By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) commenced the week on bearish note extending the losing streak to a fourth successive session – with the all-share index (ASI) declining by 0.35 percent to close at 26,887.54 points.
“Today’s negative performance increased the Month-to-Date and Year-to-Date losses to 1.22 percent and 6.33 percent respectively,” according to Cordros daily market update.
The report says at the close of the session on the Nigerian equities market, the Banking and Insurance indices both depreciated by 1.45 percent and 1.43 percent each, following losses recorded by tier one lenders, Zenith Bank Plc and Guaranty Trust Bank Plc both dipping by 0.07 percent and 3.15 percent apiece; while reinsurer, Continental Reinsurance Plc dropped 4.67 percent; Axa Mansard Insurance Plc lost by 4.55 percent.
Also, the Industrial Goods and Consumer Goods indices depreciated 0.18 percent and 0.14 percent each to take a negative hit and driven by selloffs in the shares of cement producer, Cement Company of Northern Nigeria Plc and Chemical & Allied Products Plc both declined 5.54 percent and 4.00 percent each, while soap & detergent maker, Unilever Nigeria Plc and Dangote Sugar refinery Plc lost 3.00 percent and 1.29 percent respectively.
“There was no respite for the Oil & Gas index as it closed in red on the back of a price decline in the shares of oil marketer, Oando Plc dipping -0.69 percent.
At the close of trading on the domestic bourse, market breadth posted a negative outlook, with 10 gainers and 18 losers recorded, according to data from the NSE.
Integrated energy company, Eterna Plc emerged the top gainer with a gain of 0.29 kobo per share; while CCNN topped the losers list with a loss of same margin 0.29 kobo per share.
In terms of turnover, total volume traded on the Nigerian equities market fell by 24.24 percent to N115.04 million shares, valued at N1.16 billion, and traded in 2,963 deals.
“We expect selloffs to persist in the coming session,” the Cordros update affirmed.
