By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday started the week on a positive note as benchmark index climbed up 0.70 percent on Monday to close at 41,105.38 basis points compared with the gain of 0.10 percent recorded the previous session.

The nation’s equities market Year-to-Date (Y-t-D) returns now stands at a negative 0.54 percent.

Cordros Capital daily market update affirmed that the market rebounded following a couple of sessions of lacklustre trading as attractive valuations may have lured investors into taking positions ahead of  third quarter (Q3) numbers.

The update says the Nigerian bourse got a boost from rallies in shares of beverage maker Nestle Nigeria Plc, brewers Guinness Nigeria Plc and cement manufacturers Dangote Cement Plc. “Today’s gain also improved the month-to-date (MtD) (-1.0 percent%) and  YtD (-0.54 percent) profile of the market.

The Cordros daily report affirmed that the strong gains posted by consumer goods counter pushed the said sectoral index up by 1.70 percent. The banking, industrial and oil/gas indices also added 0.65 percent, 0.24 percent, and 0.04 percent respectively, while the insurance index lost 0.26 percent.

In terms of market breadth, the Nigerian bourse reported 24 gainers and 27 losers at the end of the day’s transactions. Brewers Guinness Nigeria Plc led the gainers chart as it opened N190.00 and closed at N199.50; gaining N9.50. While Eterna Oil Plc led the losers chart as it lost 19 kobo, opening at N3.80 and closing N3.61 declining five percent.

However, 274 million shares worth N4.74billion were traded in 4,567 deals. “Given the volatile nature of trading in recent times, we are sceptical as to the sustainability of today’s gains as the market remains devoid of a clear directional catalyst. That said, relatively attractive pricing places our bias towards a moderate appreciation in tomorrow’s session,” Cordros reported.