Consumer goods sector gives a slip to Nigeria bourse as index down 0.04% in second day drop

Trading activities on the equities segment of the Nigerian Stock Exchange (NSE) closed in negative territory for the second consecutive day.

The performance indicator of the NSE, the All Share Index (ASI) declined 0.04 percent at the end of Tuesday’s session to settle at 41,155.80 points. The market capitalisation which tracks the overall worth of equities investment, likewise fell by N6.2 billion to N14.908 trillion.

The day’s performance was as a result of investor’s apathy towards consumer goods stocks, says Abiola Adekoya, chief executive officer, Rand Merchant Bank Stockbrokers.

Abiola, in an interview broadcasted in Lagos on Tuesday suggested that some of the consumer goods financials released were not well received by investors.

“What we have noticed since Q1 (First Quarter) results hit the market in late April and early May is investor apathy towards these numbers. The consumer goods did not do as well as the banking sector and we have seen a reflection in the market during the last couple of days,” Abiola said.

The consumer goods index extended losses from previous session to close 0.31 percent lower on Tuesday. The insurance and oil & gas indices also dropped by 0.15 percent and 0.01 percent respectively, contributing significantly to the ASI’s marginal decline.

Sectoral gainers for the day were the NSE Banking and NSE Industrial indices which appreciated 0.68 percent and 0.02 percent respectively.

Market breadth turned negative as 24 gainers were paired against 25 losers.

The day’s losers were led by Forte Oil that depreciated five percent to close at N40.85, CILEASING followed to close 4.76 percent lower at N1.80 while Courteville fell 4.55 percent to close at 21 kobo.

By Adesola Afolabi