Equities market dips by 0.12%

The Nigerian equities market closed lower for the second consecutive session, with the All-Share Index declining by 0.12 per cent to close at 26,247.02 basis points, as  against 26,278.20 basis point it opened Wednesday trading.

Today’s bearish performance increased the Year-to-Date loss to 2.34 per cent, attributable to volatile, given the dim macro situation.

Market capitalization of the equities market dropped by N12 billion from N9.041 trillion to N9.031 trillion on Wednesday.

Market turnover was, however, mixed as investors exchanged over 394 million units of stocks valued at N1.3 billion.

Performance across sectors was uninspiring as losses in Forte Oil plc, Mobil Nigeria and Oando Plc drove down the Oil and Gas Index to a 0.44 per cent close.

Investors in Forte Oil lost 1.85 per cent from N70.30 to N69.00 while Mobil Oil Nigeria and Oando Plc depreciated by 0.57 per cent and 0.64 per cent to close at N262.00 and N4.72 respectively.

The Consumer Goods Index fell by 0.19 per cent largely due to declines in Nestle Nigeria that dropped by 0.79 per cent to N761, Unilever Nigeria dropped by 4.29 per cent and Guinness down by five per cent to N63.65.

In similar vein, the Banking Index was down by 0.10 per cent to 282.27 Basis points due to negative close in Diamond Bank that she 4.80 per cent and Fidelity Bank Plc that drop by 1.06 per cent.

In today’s trading also, there were 12 gainers led by AGLEVENT that appreciated by 4.76 per cent from N0.88 to N0.84 as against 20 losers topped by Guinness Nigeria that depreciated by five per cent from N63.65 to N67.00.

The Naira continued to trade at N305 levels against the Dollar at the interbank market as Central Bank of Nigeria (CBN) maintained its daily intervention. However, the Naira gained 0.98 per cent against the Pound to N385 and 0.55 per cent against the Euro to N335.

At the parallel market, the local currency closed flat at N497 against the Dollar, N597 against the Pound and N520 against the Euro.