By ADEBISI ADEMOLA.
The equities market of the Nigerian Stock Exchange (NSE) extended losses for the fourth consecutive session, as the All Share Index dropped further by 0.76per cent to 36,470.05 basis points, following sell pressure in consumer goods stocks.
Similarly, the market capitalization declined by N78.07 billion, representing a dip of 0.76per cent to close at N13.21 trillion.
Accordingly, the Month-to-Date and Year-to-Date losses increased to 4.72per cent and 4.64per cent, respectively.
The Consumer Goods (-2.50per cent) index was the sole loser, following negative returns in the shares of Cadbury Nigeria Plc (-6.09per cent), Nestle Nigeria Plc (-5.55per cent) and NB PLc (-2.22per cent).
On the flip side, the Oil & Gas (+1.19per cent), Insurance (+0.23per cent), and Banking (+0.15per cent) indices posted losses, owing to investors’ interest in the shares of Oando Plc (+9.47per cent), LINKASSURE (+8.22per cent), and Guaranty Trust Bank Plc (+3.97per cent), respectively. The Industrial Goods index closed flat.
Market breadth remained negative, with 26 losers and 20 gainers, led by Etranzact (-9.89per cent) and Wema bank (+9.68per cent) shares, respectively.
Growth in total volume and value of trades turned positive, by 63.61per cent and 196.39per cent, to 296.59 million units and N4.86 billion, respectively.
Meanwhile, there was a 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 naira closed flat against the dollar at N360 in the parallel market, while it weakened by 0.06per cent to N361.91 in the Investors &Exporters foreign exchange window.
Total turnover in the Investors &Exporters foreign exchange window surged by 199.45per cent to $211.92 million, with trades consummated within the N359-N363/Dollar band.
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