By InvestAdvocate
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Lagos (INVESTADVOCATE)-The Nigerian equities market halted its 5-session gaining streak, with the all-share index (ASI) declining by 0.44 percent to close at 25,558.57 points.
“Today’s performance pared the Month-to-Date gain to 0.91 percent and increased the Year-to-Date loss to 4.90 percent, according to Cordros daily market update.
The update says at the close of the trading session on the Nigerian Stock Exchange (NSE), the Banking index dipped 1.96 percent to suffer the biggest loss, following selloffs in the shares of top tier lenders, United Bank for Africa Plc, Zenith Bank Plc and Guaranty Trust Bank Plc; the trio lost by 2.93 percent, 2.50 percent and 1.33 percent respectively.
Also, the Consumer Goods, Insurance and Oil & Gas indices depreciated by 0.14 percent, 0.33 percent and 0.04 percent apiece to close lower on the back of price declines in the shares of Cadbury Nigeria Plc by 5.00 percent, following investors reaction to its N562.9 million pre-tax loss in 2016FY.
Brewer, Guinness Nigeria Plc lost by 4.99 percent, NEM Insurance Plc and AIICO Insurance Plc declined by 3.61 percent, 3.39 percent each. While oil marketing majors, Forte Oil Plc and Oando Plc slumped 2.72 percent and 0.78 percent respectively.
The Industrial Goods index climbed up 0.05 percent and benefitted from gains recorded by cement manufacturer, Cement Company of Northern Nigeria Plc which gained 4.44 percent.
At the close of trading on the Nigerian bourse, market breadth was negative, with 13 gainers and 24 losers recorded, according to data from the NSE. Construction giant, Julius Berger Nigeria Plc emerged the topmost gainer with a gain of N2.00 per share; while Cadbury Nigeria Plc became the topmost loser with a loss of 0.39 kobo per share.
In terms of turnover, total volume traded on the Nigerian equities market fell by 68.96 percent to 153.72 million shares, valued at N1.50 million, and exchanged in 2,675 deals.
“We expect losses to reverse in tomorrow’s session,” the Cordros update affirmed.
