Nigerian bourse records longest streak of losses as Index down 1.17% Thursday

The Nigerian equities market recorded its longest streak of losses so far this month, with the All-Share Index (ASI) dropping for the fifth consecutive session by 1.17 per cent to 38,152.60 points, as investors intensified sell pressure in oil & gas stocks on Thursday.

As a result, the Year-to-Date return turned negative at -0.24 per cent while the Month-to-Date gain moderated to 0.13 per cent.

The Oil & Gas index remained the top loser, as investors continued to book profit in SEPLAT (-4.49%) shares. The Banking and Industrial Goods indices closed lower by 0.54 per cent apiece, owing to profit taking in the shares of GUARANTY (-1.48%) and DANGCEM (-3.64%) respectively.

On the flip side, the Insurance (+1.54%) and Consumer Goods (+0.47%) indices closed positive, following gains in CUSTODIAN (+4.99%) and NB (+2.75%) stocks.

Market breadth turned negative, with 26 losers and 24 gainers, led by HONYFLOUR (-5.00%) and JAPAULOIL (+9.30%) – its 13th consecutive session of gain.

Total volume and value of trades grew by 1.36 per cent and 7.16 per cent, to 271.40 million units and NGN4.10 billion, respectively, exchanged in 3,766 deals.

Despite persisting losses, it is our view that legroom for gains still exist, as risky assets remain favourably priced, amid still supportive macroeconomic fundamentals. Analysts at Cordros Capital said.