By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Monday commenced the week on a negative note as all-share index (ASI) shed 0.60 percent to close at 30,405.88 basis points, while market capitalisation dipped by N62.73 billion to close at N10.45 trillion.
According to Cordros daily market update, the two (2) day losing streak led the ASI to dip 2.60 percent in the month of October while raising the Year-to-Date (Y-t-D) loss to 12.27 percent.
The report says the bears dominated the domestic bourse with four (4) out of the five (5) sector indices losing on the day. Cordros reported that the Industrial Goods index with a loss of 1.11 percent led sector declines following losses in shares of cement producers Dangote Cement Plc 1.75 percent, Lafarge Cement WAPCO Nigeria Plc 0.51 percent.
In the same vein, the Consumer Goods 0.11 percent and Insurance sectors 0.63 percent witnessed declines after losses recorded by Nigeria’s top brewers, Nigerian Breweries Plc 0.24 percent and Guinness Nigeria Plc 0.82 percent.
Similarly, the report affirmed that the Banking index reversed Friday’s gain on the back of price declines in shares of lenders Diamond Bank Plc by 4.85 percent and Guaranty Trust Bank Plc 0.17 percent.
The Cordros report further affirmed that the Oil & Gas sector with 0.09 percent bucked the trend after a price appreciation in shares of oil marketing firm Mobil Nigeria Plc with 2.41 percent came under pressure.
At the close of trading on the Nigerian bourse, market breadth recorded a negative outlook with 16 gainers and 30 losers.
Nigerian Aviation Handling Company Plc (NAHCOAVIANCE) emerged the top gainer with a gain of 0.22 kobo per share; while Logistics Company Trans-Nationwide ExpressPlc topped the losers chart with a loss of 0.10 kobo per share.
In terms of turnover, volume traded decreased by 52.73 percent to N419.95 million shares, valued at N2.09 billion and traded in 3,056 deals.
“We expect investors to remain cautious ahead of corporate earnings releases for the period ended September 2015. Consequently we expect another negative close in tomorrow’s session,” the Cordros update added.
