By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Benchmark index at the Nigerian Equities market on Monday dipped 0.91 percent compared with the 0.32 percent decline reported the previous session resulting in further depreciation of the benchmark index for the sixth consecutive trading session.
All-Share Index (ASI) in the review period closed at 40,051.29 points, while market capitalisation lost N129.80 billion to close at N13.22 trillion.
Year-to-Date (YTD) returns at the Nigerian bourse currently stands at a negative 3.09 percent.
Cordros Capital daily market update say today’s decline in all-share index (ASI) is as a result of continuous sell-downs in highly capitalised counters.
The Cordros update reported that all of the five (5) NSE sectoral indices mirrored the market decline. The Consumer Goods Industrial Goods declined the most as it lost 1.24 percent, the Oil/Gas index followed with a 0.94 percent loss, while the Banking, Industrial and Insurance Indices by weakened by 0.82 percent, 0.40 percent and 0.06 percent respectively.
In terms of market breadth, the Nigerian bourse closed negative as Ikeja Hotels Plc (IKEJAHOTELS) led the 16 gainers chart, while Oil and gas firm, Seplat Petroleum Development Company of Nigeria (SEPLAT) led the 35 losers chart to close the day’s session.
Similarly, market turnover closed on the negative side as volume traded climbed up 21.10 percent to 191.70 million shares worth N2.80 billion and traded in 4,483 deals.
‘’Looking ahead, we expect the market to gain support tomorrow ‘’Tuesday’’, as the losses seen in blue-chip companies provide opportunities for bargain hunting.
