NSE’s Sentiment Remains Downbeat, ASI Declines 0.73%

Sentiments on Tuesday remained downbeat in the Nigerian equities market, with the benchmark index declining by 0.73 percent to close 27,503.81 points.
“Today’s downtrend tilted the Month-to-Date (-0.35 percent) return to the red and further pared the Year-to-Date loss to 3.97 percent,”.
Nigerian Stock Exchange
The Banking and Oil & Gas indices closed lower by 1.25 percent and 1.01 percent apiece, on the back of selloffs recorded in the shares of Nigeria’s top tier lenders, Access Bank Plc, Zenith Bank Plc and Guaranty Trust Bank Plc all dipping by 5.09 percent, 2.34 percent and 0.04 percent each. Oil marketers, Forte Oil Plc, Oando Plc and Total Nigeria Plc all lost by 2.82 percent, 0.41 percent and 0.37 percent respectively.
Still on the negative side, price declines in the shares of food and beverage maker, Cadbury Nigeria Plc by 4.11 percent, soap and detergent producer, PZ Cussons Nigeria Plc by 0.96 percent. Cement manufacturers, Dangote Cement Plc and Lafarge Cement Wapco Plc declined by 1.14 percent and 0.18 percent respectively, to weigh down the Consumer and Industrial Goods indices by 0.04 percent and 0.68 percent; while the Insurance index traded flat.
The close of the session’s trading on the Nigerian bourse, market breadth was negative, with 10 gainers and 25 losers posted.
Leading diversified company, operating in the food and beverages, real estate, paint and logistics sectors of the Nigerian economy, UAC of Nigeria Plc emerged the top gainer with a gain of N1.00 per share, while paint producer, Portland Paints and Products Nigeria Plc topped the losers chart with a loss of 0.16 kobo per share.
In terms of turnover, total volume traded on the Nigerian equities market fell by 9.36 percent to 176.77 million shares, valued at N1.89 billion, and traded in 3,682 deals.
“With no significant positive catalyst on the horizon, we expect bearish sentiments to persist in the coming session,” the Cordros report added.

Author: News Editor

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