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By InvestAdvocate
Lagos (INVESTADVOCATE)-The bears on Thursday dominated the Nigerian equities market, with the all-share index (ASI) falling by 1.40 percent to record the biggest loss since November 8, 2016 to close at an 11-month low of 24,829.59 points.
“Today’s loss was primarily driven by heavy selloffs in industrial goods stocks,” according to Cordros daily market update.
According to Cordros, following today’s unimpressive performance, the Year-to-Date loss jumped to 7.61 percent.
The report says, the Industrial Goods index declined 2.51 percent – which had closed flat in the last three successive sessions – came under pressure as investors liquidated their positions in the shares of Nigeria’s most capitalised listed company and cement producer, Dangote Cement Plc and Paints and Coatings Manufacturers Nigeria Plc both depreciating by 4.99 percent and 4.62 percent.
On the positive side, the Oil & Gas, Consumer Goods, Insurance and Banking indices appreciated by 0.76 percent, 0.71 percent, 0.15 percent and 0.11 percent respectively; with the following stocks playing host: Forte Oil Plc, Nigerian Breweries Plc, AIICO Insurance Plc and Guaranty Trust Bank Plc all gaining 5.00 percent, 1.72 percent, 3.51 percent and 0.77 percent apiece.
At the close of today’s trading on the Nigerian Stock Exchange (NSE) market breadth remained negative, with nine (9) gainers and 13 losers recorded.
Forte Oil Plc emerged the topmost gainer with a gain of N2.35 per share, while mid-tier lender, Unity Bank Plc became the topmost loser with a loss of 0.06 kobo per share to close the trading session.
In terms of turnover, total volume traded on the domestic bourse declined by 18.43 percent to 186.00 million shares, valued at N1.75 billion, and traded in 2,899 deals.
“We expect bargain hunting to ensue in tomorrow’s session,” the Cordros update affirmed.
