Losses on Thursday extended in the Nigerian equities market for the fourth consecutive session, as the all-share index (ASI) dropped further by 0.76 percent to 36,470.05 points, following sell pressure in consumer goods stocks.
Cordros daily market update reports that the Month-to-Date and Year-to-Date losses increased to 4.72 percent and 4.64 percent respectively.
According to the report, the Consumer Goods index with a loss of -2.50 percent was the sole loser, following negative returns in the shares of food and beverage producers, Cadbury Nigeria Plc and Nestle Nigeria Plc both dipped -6.09 percent and -5.55 percent each, while beer producer, Nigerian Breweries Plc depreciated by -2.22 percent.
On the positive side, the Oil & Gas and Insurance indices gained +1.19 percent and +0.23 percent each; while the Banking index climbed up +0.15 percent to post gains, owing to investors’ interest in the shares of oil marketing major, Oando Plc and Linkage Assurance Plc both up +9.47 percent and +8.22 apiece, top tier lender, Guaranty Trust Bank Plc appreciated by +3.97 percent.
The Industrial Goods index closed flat.
Cordros reports that market breadth remained negative, with 26 losers and 20 gainers, led by eTranzact International which lost by -9.89 percent; while mid-tier lender, Wema Bank Plc gained by +9.68 percent.
The update says growth in total volume and value of trades turned positive, by 63.61 percent and 196.39 percent to 296.59 million units and N4.86 billion, respectively.
“Continued selloffs and the absence of a near term one-off positive catalyst dampens the outlook for equities in the short-to-medium term. However, strengthened macroeconomic fundamentals remain supportive of gains in the long term,” the Cordros report affirmed.