LAGOS, FEBRUARY 28, 2018 – The local bourse recorded losses at the close of trading yesterday as the All Share Index (ASI) fell 0.66 per cent to 42,299.56 points, while year-to-date return contracted to 10.6 per cent.
Performance was majorly dragged by sell offs in Dangote Cement (-0.7%), Zenith Bank (-2.5%) and International Breweries (-4.8%).
Accordingly, investors lost N100.5 billion in value as market capitalisation declined to N15.2 trillion.
However, there was increased activity in the market as volume traded inched 14.0 per cent higher to 438.7 million units on the back of trades in Transnational Corporation (45.1m), Diamond Bank (41.6m), and FBN Holdings (38.2m), while value traded advanced 60.8 per cent to N8.8 billion largely due to trades in Nestle Nigeria (N2.9bn), Guaranty trust Bank (N1.9bn) and Nigerian Breweries (N0.9bn).
Performance across sectors was mixed as three of five indices closed in the red. The banking index depreciated the most, down 1.3 per cent due to losses in Zenith Bank (-2.5%), Guaranty Trust Bank (-0.8%) and Union Bank Nigeria (-5.0%).
The Industrial and consumer goods indices trailed, falling 1.1 per cent and 0.2 per cent respectively as investors sold off positions in Dangote Cement (-0.8%), Lafarge Cement WAPCO (-2.5%), International Breweries (-4.8%) and Honeywell Flour (-3.1%).
On the flipside, the oil & gas index improved, up 0.9 per cent following a rally in Total Nigeria (+6.9%) and Conoil (+9.8%). Similarly, buying interest in NEM Insurance (+4.7%) and Linkage Assurance (+2.3%) drove the Insurance index 0.3 per cent higher.
Market breadth (advance/ decline ratio) which measures investor sentiment further weakened to 0.5x from 0.8x recorded the previous day consequent on 18 stocks advancing against 37 decliners.
