By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-As expected, the bears dominated the domestic bourse, dragging the all-share index lower by 0.36 percent to close at 26,278.20 points.
“Following today’s negative close, the Year-to-Date loss increased to -2.22 percent,” according to Cordros daily market update.
The report says the Consumer Goods index dipped 1.52 percent and closed lower, driven by selloffs in the shares of softdrink maker SevenUp Bottling Company Plc which lost by 5.00 percent, brewer, Guinness Nigeria Plc also lost by 4.27 percent and food and beverage producer, Nestle Nigeria Plc depreciated by 3.67 percent.
In the same vein, the Oil & Gas index dropped by 0.32 percent equally taking a hit, as investors liquidated their positions in the shares of oil marketing firms, Forte Oil Plc and Oando Plc both declined by 4.46 percent and 0.21 percent apiece.
On the bright side, the Banking index closed higher by 0.02 percent and recorded a modest gain to remain resilient, supported by price appreciations in the shares of top tier lenders, Guaranty Trust Bank Plc, Access Bank Plc and United Bank for Africa Plc all gaining 0.04 percent, 1.74 percent and 1.80 percent respectively.
Buying interest in the shares of cement manufacturer, Cement Company of Northern Nigeria Plc led to a gain of 4.82 percent and reinsurer, Continental Reinsurance Plc appreciated by 3.77 percent respectively to buoy the Industrial and Insurance indices by 0.04 percent and 0.38 percent each.
At the close of the session’s trading on the Nigerian Stock Exchange (NSE) market breadth turned negative, with 18 gainers and 21 losers recorded, according to data from the NSE. Mid-tier lender, Unity Bank Plc emerged the top gainer with a gain of 0.03 percent; while 7up topped the losers list with a loss of N5.35.
In terms of turnover total volume traded on the Nigerian bourse more than doubled, rising by 113.71 percent to 371.87 million shares, valued at N1.71 billion, and exchanged in 3,522 deals.
“With no significant positive catalyst on the horizon, we expect activities on the Nigerian bourse to further reflect weakened confidence,” the Cordros update affirmed.
