By InvestAdvocate
Lagos (INVESTADVOCATE)-Local equities on Monday tumbled to open the week extending its losing streak to the seventh consecutive session (the market has actually recorded only two sessions of positive return this month), according to Cordros daily market update.
At the close of the session on the Nigerian Stock Exchange (NSE), the all-share index (ASI) declined by 0.12 percent to 25,505.91 points.
Cordros reports that following this loss, the Month-to-Date (-6.32 percent) and Year-to-Date (-11.33 percent) returns both worsened.
According to the update, the insurance and Oil & Gas indices closed in red by 0.60 percent and 0.36 percent each, driven by price declines in the shares of reinsurer, Continental Reinsurance Plc and insurance company, NEM Insurance Plc both lost by 4.81 percent and 1.39 percent apiece. While oil marketers, Mobil Nigeria Plc and Total Nigeria Plc both declined by 2.56 percent and 2.54 percent respectively.
The Banking index also closed lower by 0.21 percent, as Zenith Bank Plc, FBN Holdings Plc and United Bank for Africa Plc shed weight by 0.21 percent, 0.98 percent and 0.23 percent, while a selloff in the shares of sugar refiner, Dangote Sugar Refinery Plc saw the stock down by 4.94 percent also weighed on the Consumer Goods index to shed 0.10 percent.
On the positive however, the Industrial Goods index gained by 0.01 percent and benefitted from investor interest in the shares of cablemaker Cutix Plc appreciating by 4.76 percent.
At the close of trading on the domestic bourse, market breadth was negative, with 13 gainers and 17 losers recorded, according to data from the NSE. Transcorp Hotels Plc emerged the top gainer with a gain of 0.26 kobo per share; while DANGSUGAR topped the losers table with a loss of 0.32 kobo per share.
In terms of turnover, total volume traded fell by 32.09 percent to N112.44 million shares, valued at N858.54 million, and traded in 2,532 deals.
“We expect investor appetite to remain weak in the coming session,” the Cordros update affirmed.
