Nigerian Stock Exchange, NSE, on Tuesday slipped deeper into negative territory as all-share index, ASI, declined 0.42 percent to close at 25,745.13 basis points; while market capitalisation dipped by N37.31 billion to N8.86 trillion.
This is coming on the heels of sell-offs in key Banking and Consumer Goods stocks as today’s close pared the Month-to-Date gain to 4.78 percent, whilst increasing the Year-to-Date loss to 10.11 percent.
The update reports that four (4) of the five (5) sector indices recorded losses. The Banking and Consumer Goods indices depreciated by 2.09 percent and 1.54 percent and dented by share price declines in pan-African lender, Ecobank Transnational Incorporated (ETI) and Nigeria’s lender, Diamond Bank Plc by 9.72 percent and 8.78 percent apiece.
On the Consumer Goods sector, drop in the share prices of beer producer, Nigerian Breweries Plc and fast consumer moving goods (FCMG) firm, Flour Mills of Nigeria Plc by 4.12 percent and 1.18 percent apiece impacted negatively on the index.
Similarly, the Oil and Gas sector depreciated by 0.75 percent following losses recorded in the share price of oil marketer, Oando Plc and Eterna Plc by 9.57 percent and 2.70 percent respectively.
In the same vein, contractions in the shares of insurer, NEM Insurance Plc and reinsurer, Continental Reinsurance Plc going down 2.60 percent and 1.09 percent apiece caused the Insurance index to close lower by 0.22 percent.
On the contrary, the Industrial Goods index emerged the sole gainer by 0.62 percent as a result of investors’ interest in the shares of cement producer and Nigeria’s most capitalised quoted company on the Stock Exchange, Dangote Cement Plc appreciating by 1.23 percent.
At the close of the yesterday’s session on the Nigerian bourse, market breadth posted a negative outlook with 13 gainers and 26 losers. Oil marketer, Conoil Plc topped the gainers chart with a gain of N1.86 kobo per share; while pan-African lender, ETI emerged the top loser with a loss of N1.75 kobo per share.
In terms of turnover, total volume traded at the close of business on the Nigerian equities market rose by 64.49 percent to 287.04 million shares valued at N2.67 billion and traded in 4,561 deals.