By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian equities on Monday commenced the week on a positive note as all-share index (ASI) climbed up 0.22 percent to close at 30,231.16 basis points, while market capitalisation increased by N22.66 billion to close at N10.39 trillion.
“Today’s loss further eased the Month-to-Date and Year-to-Date losses to 3.16% and 12.77% respectively,” Cordros daily market update affirmed.
This is coming on the heels of price appreciations in 25 of the total traded stocks, Cordros reported that three (3) of the five (5) Nigerian Stock Exchange (NSE) sector indices recorded gains.
The report says that the Oil/Gas sector led the pack with 2.07 percent following gains in the shares of oil marketers Forte Oil Plc by 3.93 percent and Mobil Nigeria Plc with 3.40 percent gain; while the Banking and Insurance indices also closed positive, driven by activities in the shares of lenders, First City Monument Bank 6.22 percent, Zenith Bank Plc 3.07 percent, insurers Axa Mansard Insurance Plc with 2.07 percent and Custodian and Allied Insurance Plc by 1.74 percent.
On the contrary, losses in the shares of Honeywell Flour Mills Plc by 4.73 percent and Flour Mills Nigeria Plc with 2.86 percent loss dragged the Consumer Goods index to a 0.47 percent decline, “while the Industrial Goods index with a loss of 0.01 percent dipped on the back of cable maker, Cutix Plc by 5.00 percent,” Cordros added.
At the close of today’s trading on the Nigerian bourse, market breadth posted a positive outlook with 25 gainers and 15 losers recorded.
Lender FCMB emerged top gainer with a gain of 0.13 kobo per share; while Cutix topped the losers chart with a loss of 0.09 kobo per share.
In terms of turnover, volume traded on the Nigerian equities market decreased by 28.4 percent to 134.6 million shares, valued at N1.5 billion and traded in 2,900 deals.
“Whilst mixed expectations continue to trail Q3 earnings announcement – thus undermining scope for progressive rally on this space – equities (in the short term) could benefit from capital flight from the currently overvalued fixed income space,” Cordros affirmed.
