By Yakubu LAAH InvestAdvocate

Click here to view Cordros Daily Market update for March 1, 2017

Lagos (INVESTADVOCATE)-Nigerian equities extended losses, as the all-share index (ASI) on Wednesday fell by 0.58 percent to close at 25,183.10 points.

“Today’s bearish proceedings increased the Year-to-Date loss to 6.29 percent”, according to Cordros daily market update.

The report says at the close of the trading session on the Nigerian Stock Exchange (NSE), losses recorded by food and beverage producer, Cadbury Nigeria Plc, brewer, Guinness Nigeria Plc, lenders, Zenith Bank Plc and FBN Holdings Plc losing  by 8.77 percent, 4.96 percent, 4.76 percent and 4.43 percent respectively weighed on the Consumer Goods and Banking indices to depreciate by 1.27 percent and 1.18 percent apiece.

On the positive side, the Oil & Gas and Insurance indices gained 1.01 percent and 0.01 percent each; benefitting from price increases in the shares of insurer NEM Insurance Plc and first listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc both gained 2.47 percent and 3.09 percent each. The Industrial Goods index closed flat for the third consecutive session.

At the close of the session on the domestic bourse, market breadth was negative, with eight (8) gainers and 19 losers, according to data from the NSE. Manufacturer of foam furniture and furnishings, Vitafoam Nigeria Plc emerged the topmost gainer with a gain of 0.08 kobo per share; while Cadbury became the topmost loser with a loss of 0.75 kobo per share.

In terms of turnover, total volume traded on the Nigerian equities market declined by 48.70 percent to 228.02 million shares, valued at N2.39 billion, and traded in 2,958 deals.

“We expect appetite to remain weakened in tomorrow’s session,” the Cordros report added.