By InvestAdvocate
Lagos (INVESTADVOCATE)-The bulls on Monday resurfaced on the Nigerian bourse halting a four-day losing streak with all share index (ASI) gaining 0.38 percent to close 33,384.59 points, while market capitalisation grew by N43.25 billion to close at N11.40 trillion.
Cordros daily market update reports that the gain was recorded on the back of appreciation in the prices of blue chip companies from the banking and consumer goods categories.
According to the report, current market Year-to-Date (Y-t-D) and Month-to-Date (M-t-D) returns stands at a negative 3.67 percent and 2.7 percent respectively.
Cordros reports that only one (1) of the five (5) Nigerian Stock Exchange (NSE) sectoral indices declined. “The Consumer Goods index led the gainers chart with a 0.72 percent increase while the Industrial Goods index followed with a 0.69 percent gain,” the report added.
Similarly, the Banking and Insurance indices climbed up by 0.60 percent and 0.27 percent respectively as the Oil/Gas index plunged by 0.18 percent to close the session.
Market breadth on the Nigerian bourse posted a positive outlook at the close of business on the NSE, recording 27 gainers and 21 losers.
Lender Diamond Bank Plc emerged top gainer with a gain of 0.23 kobo per share; while courier services company, Red star Express Plc topped the losers chart with a loss of 0.25 kobo per share.
In terms of turnover, volume traded dipped by 28.79 percent to 278.11 million shares, valued at N3.83 billion and traded in 4,291 deals.
“We expect this bargain hunting to continue tomorrow, more so as a few stocks’ prices still present attractive entry opportunities,” the Cordros report affirmed.
