By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Monday commenced the new month on a negative note as all share index (ASI) plunged 0.77 percent to closed at 34,044.65 points, while market capitalisation declined by N90.29 billion to close at N11.57 trillion.
This is coming on the heels of the inauguration of a new government in Nigeria as today’s plunge led current market Year-to-Date (Y-t-D) to a negative of 1.77 percent.
Cordros daily market update reported that only one (1) of the five (5) sectoral indices appreciated. “The Industrial Goods index was the sole gainer with a minimal increase of 0.01 percent,” the report affirmed.
On the contrary, the Oil/Gas and Banking indices recorded 1.48 percent and 1.39 percent depreciations respectively, while the Insurance and Consumer Goods indices followed with 1.20 percent and 0.89 percent decline respectively.
At the close of business today on the Nigerian bourse, market breadth posted a negative outlook with 21 gainers and 32 losers recorded in equities.
Foam maker, Vono Products Plc for the fourth consecutive time since last week Thursday emerged top gainer with a gain of 0.08 kobo per share, while oil marketer, Total Nigeria Plc topped the losers chart with a loss of N13.00 per share to close the session.
In terms of turnover, volume traded on the Nigerian equities market dipped by 52.10 percent to 340.71million shares, valued at N5.50 billion and traded in 4,184 deals.
“We expect cautious trading to continue in tomorrow’s session. As opposed to sentiments, we expect the market to thrive on positive changes in economic and business fundamentals,” thee Cordros report added.
