Nigerian bourse records sixth consecutive loss session, down 1.06% Thursday

The All-Share Index of the Nigerian Stock Exchange (NSE) plunged below the 40,000-mark, as it dropped, for the sixth consecutive session, by 1.06 per cent, the highest loss in the month so far – to 39,723.85 points, amidst dampened investor sentiments across major sectors.

As a result the Year-to-date gain dropped to 3.87 per cent, while the Month-to-Date loss increased to 3.74 per cent.

All sectoral indices closed in the red, with the Consumer Goods (-1.79%) index posting the largest loss The Banking (-1.70%), Insurance (-1.10%), Industrial Goods (-0.20%), and Oil & Gas (-0.01%) indices followed suit. Selloffs of NB (-4.99%), DIAMONDBNK (-8.28%), AIICO (-4.84%), CCNN (-4.76%), and ETERNA (-4.66%) shares, caused the losses in the respective sectoral indices.

Market breadth worsened, with 35 losers and 8 gainers, led by DIAMONDBNK (-8.28%) and MRS (+10.10%) respectively. Total volume of trades dropped by 3.85% to 256.43 million units, valued at NGN2.00 billion (-57.15%), and exchanged in 4,111 deals.

The significant loss in today’s session suggests a need for cautious trading by investors in the meantime. That said, we believe long term fundamentals still support patient investment in equities. Analysts at Cordros Capital said.