By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)- The Nigerian equities market on Monday climbed up as all-share index (ASI) increased 3.53 percent to close at 31,371.93 points, while market capitalisation rose by N351.74 billion to close at N10.36 trillion.

According to Cordros market update, at the end of the session, the Year-to-Date (YTD) and Month-to-Date (MTD) losses reduced by 258 basis points (BPS) and 308 BPS respectively.

At the close of trading on the Nigerian Stock Exchange (NSE) market momentum increased following significant contribution from the entire five (5) Sectoral indices.

Cordros reported that all of the five (5) NSE Sectoral indices reflected the broader market gain, as the Banking Index blossomed with a 6.18 percent increase. The Oil/Gas and Consumer Goods indices gained 4.65 percent and 3.15 percent respectively.

Similarly, the Industrial Goods and Insurance indices increased by 2.42 percent and 0.84 percent respectively.

In terms of market breadth, the report affirmed that the Nigerian bourse appreciated with 46 gainers compared to 20 losers. Top tier Nigerian lender, Zenith Bank Plc led the gainers chart with N1.66, while cement manufacturer, Ashaka Cement Plc emerged top loser with N2.39.

Turnover at the Nigerian bourse in the review period shows that volume traded declined 79.02 percent to 837.17 million shares valued at N5.45 billion and traded in 5.057 deals.

The Cordros update noted that the huge drop in volume and value is due to the effect of Altas Mara acquisition of 20.9 percent shares in Union Bank of Nigeria Plc (held 9 percent previously) from the Asset Management Corporation of Nigeria (AMCON), approximately worth $250 million on Friday last week.

‘’We believe the gains seen in the last couple of sessions have left the market vulnerable to profit taking activities,’’ the Cordros update affirmed.