By InvestAdvocate

Lagos (INVESTADVOCATE) –

The bulls on Monday resurfaced on the Nigerian bourse; halting its losing streak as all-share index ASI inched up 0.52 percent to close at 27,728.63 points, compared with a negative 1.25 percent decline recorded previously.

Similarly, market capitalisation grew by N47.84 billion to close at N9.25 trillion. With this gain, current market Year-to-Date (Y-t-D) at the Nigerian Stock Exchange (NSE) stands at a negative 19.99 percent.

“The week commenced on a positive note despite lingering investors’ concerns about the near to medium term outlook of the Nigerian economy,”InvestmentOne Research said.

According to Cordros market update, three (3) out of the five (5) NSE Sectoral indices appreciated. The report says the Oil/Gas index came out on top of the gainers’ chart with a 1.85 percent increase, while the Banking and Industrial Goods indices followed with 0.45 percent and 0.43 percent gains respectively.

On the contrary, the Consumer Goods and Insurance indices lost 0.58 percent and 0.32 percent respectively.

In terms of market breadth, the Nigerian bourse closed the day’s session on a negative note recording 20 gainers and 26 losers. Cement manufacturer, Cement Company of Northern Nigeria Plc emerged top gainer with a gain of 0.51 kobo, while UACN Property Development Company Plc led the losers table with a loss of N1.15.

Turnover at the Nigerian equities market shows that volume traded increased by 38.41 percent to 316.51 million shares, valued at N2, 825 billion and traded in 3,776 deals.

“Though uncertainties still persist, positive momentum is expected to continue in tomorrow’s session as investors take position in cheap stocks,” the Cordros market update affirmed.