By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday found respite at the close of trading, after 12 successive bearish sessions as all-share index (ASI) gained a marginal 0.03 percent to close at 33,234.28 points, while market capitalisation grew by N2.95 billion to close at N11.01 trillion.

Cordros update say investors took advantage of cheap valuations following the 12 successive bearish sessions (which led to a 13.42 percent decline in the benchmark index).

‘’Price appreciations in big names like NB, NESTLE, ZENITHBNK and FBNH absorbed the market of a loss that would have been caused by a 5.00% decline in the shares of DANGCEM,’’ the Cordros report affirmed. 

In terms of sectoral indices, three (3) out of the five (5) NSE sectoral indices mirrored the broader market’s positive performance.

The report said the banking index increased by 3.43 percent, while the oil/gas and consumer goods indices also strengthened by 3.42 percent and 2.52 percent respectively. The industrial goods index topped the losers’ chart for the fifth consecutive trading day with a 3.07 percent decline followed by the insurance index which fell marginally by 0.01 percent.

Market breadth at the Nigerian bourse remained weak at the end of the session as it recorded 29 gainers and 33 losers.

In terms of turnover, volume traded dipped by 51.53 percent to 490.89 million shares, worth N6.99 billion and traded in 5,470 deals.

‘’We expect the gain to continue on Tuesday’s session as prices still look attractive across board,’’ Cordros update said.