August 8, 2018
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Wednesday closed negative for the fourth consecutive session, with the all-share index (ASI) dropping 0.09 percent to 36,299.82 points, as selloffs ensued across all major sectors.
Cordros reports the Month-to-Date and Year-to-Date losses increased further to -1.94 percent and -5.08 percent respectively.
The update says all sector indices closed in the red, the Oil & Gas and Banking sectors closed down by -0.96 percent and -0.24 percent apiece, the Insurance and Consumer Goods indices also depreciated by -0.16 percent and -0.07 percent each, while the Industrial Goods index dipped by -0.03 percent.
All owing to sell pressure in the shares of oil marketing major, Total Nigeria Plc and Africa’s global lender, United Bank for Africa Plc both down -2.56 percent and -1.04 percent respectively, while insurer, Mutual Benefit Assurance Plc and Honeywell Flour Mills Plc both depreciated -9.68 percent and -1.73 percent each, cable maker, Cutix Plc plunged by -5.88 percent.
According to Cordros, market breadth remained positive, with 19 gainers and 16 losers posted, mid tier lender, Unity Bank of Nigeria Plc emerged the topmost gainer with a gain of +9.30 percent and Mutual Benefit Assurance Plc topped the losers chart with a loss of -9.68 percent.
Total volume and value of trades fell by 54.03 percent and 67.49 percent to 114.04 million units and N730.08 million, respectively, and exchanged in 2,610 deals.
“We guide investors to trade cautiously in the short-to-medium term, as the absence of a positive one-off catalyst and brewing political concerns, continues to cast a shadow on our outlook for risky assets. However, the likelihood of recovery in the long term remains supported by stable macroeconomic fundamentals,” the Cordros update affirmed.