By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday extended losses, with the all-share index (ASI) dragged by a heavy loss in the Industrial Goods counter falling by 0.50 percent to close at 25,857.06 points.
“On the back of today’s loss, the Month-to-Date (-5.01 percent) and Year-to-Date (-10.04 percent) returns worsened,” according to Cordros daily market update.
The report says the Industrial Goods index dipped by 4.09 percent and recorded the biggest loss, as investors liquidated their positions in the shares of cement producers Lafarge Cement Wapco Plc and Dangote Cement Plc both declined by 8.33 percent and 1.52 percent apiece.
In a similar manner, the Insurance and Oil & Gas indices shed weight by 1.05 percent and 0.39 percent each, driven by price declines in the shares of insurers, Wapic Insurance Plc and Axa Manasard Insurance Plc; both lost by 3.85 percent and 3.74 percent.
Oil marketers, Conoil Plc and Oando Plc depreciated by 4.99 percent and 4.89 percent respectively.
On the positive side, the Banking and Consumer Goods indices gained by 1.33 percent and 0.02 percent each, following buying interest in the share of Nigeria’s tier one lenders, Guaranty Trust Bank Plc and Access Bank Plc both gained by 4.29 percent and 2.61 percent apiece. While Nigeria’s top beer producer, Nigerian Breweries Plc and Dangote Sugar Refinery Plc climbed up 0.22 percent and 0.80 percent respectively.
At the close of the trading session on the Nigerian bourse, market breadth remained negative, with 9 gainers and 19 losers recorded, according to data from the Nigerian Stock Exchange (NSE). Custodian & Allied Insurance Plc topped the gainers list with a gain of 0.18 kobo per share; while WAPCO emerged the top loser with a loss of N4.00 per share.
In terms of turnover, total volume traded on the Nigerian equities market increased by 17.91 percent to N189.73 million shares, valued at N905.10 million, and traded in 2,431 deals.
“We expect sentiments to reverse in the coming session,” the Cordros update affirmed.
