Nigerian stocks sustain losses as NSEASI declines 0.30%
Adesola Afolabi was a businessamlive reporter and Head of Financial desk.
Nigerian stocks Wednesday sustained losses for the second consecutive day as benchmark index, the NSEASI dipped further by 0.30 percent on continued profit taking in large capitalised stocks.
The all-share index having lost 108.44 absolute points closed at 36,346.80 points, thereby worsening year-to-date losses to -4.96 percent while the market capitalization decreased by N39.28 billion to close at N13.17 trillion.
The industrial goods (-1.50%) index remained the largest loser, as selloffs persisted in the shares of WAPCO (-5.98%). The oil & gas (-1.04%), consumer goods (-0.83%), and insurance (-0.51%) indices also closed in the red, owing largely to respective losses in JAPAULOIL (-9.68%), DANGSUGAR (-8.82%), and SOVRENINS (-8.00%) stocks.
However, gains resurfaced in the banking (+0.10%) index, following investor interest in UBA (+3.83%) stocks.
Market breadth remained negative, with 29 losers and 14 gainers, led by LIVESTOCK (-10.00%) and CAVERTON (+10.00%) respectively.
Total volume and value of trades dropped by 12.89 percent and 17.46 percent to 329.9 million units and N3.65 billion exchanged in 4,327 deals.
Amidst unimpressive corporate releases so far, brewing political uncertainties, and the absence of a one-off positive trigger, sell-offs are likely to persist warn investment analysts who advise investors to trade cautiously in the short to medium term.