By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday gained N48.91billion to open the week on a bullish note.
“Persistent demand in the Financial Services sector helped sustain the bullish momentum from Friday, hence starting the week on a positive note with a 0.47 percent increase,” Cordros market update affirmed.
At the end of trading on the floor of the Nigerian Stock Exchange (NSE), all-share index (ASI) climbed up by 31,195.93 points, while market capitalisation increased by N48.91billion to close at N10.41trillion.
With today’s trend, current market Year-to-Date (Y-t-D) at the Nigerian bourse stands at a negative 9.99 percent.
Cordros report say that four (4) out of the five (5) NSE Sectoral indices gained. “The Banking index topped the gainers’ list with a 1.46 percent increase, while the Insurance and Consumer Goods indices followed with a 0.60 percent and 0.38 percent rise respectively,” the report added.
Similarly, the Industrial Goods index also grew by 0.01 percent. On the contrary, the Oil/Gas index was the only the loser with a 0.77 percent decline.
In terms of market breadth, the equities market maintained a positive outlook, recording 28 gainers and 18 losers. Beverage makers, Cadbury Nigeria Plc emerged top gainer with a gain of N3.38; while Ikeja Hotels Plc led the losers chart with a loss of 0.35 kobo.
At the end of the session, turnover at the Nigerian bourse shows that volume traded reduced by 22.48 percent to 466.16 million shares, valued at N5.04 billion and traded in 5,602 deals.
“Market is expected to appreciate in tomorrow’s session. However, the recent bullish streak has left the market vulnerable to profit taking activities,” the Cordros market update affirmed.
