By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Monday commenced the week on a negative note as the Oil & Gas and Insurance indices dragged the market to a 0.61 percent loss.
At the close of today’s trading on the Nigerian bourse, all-share index (ASI) closed at 29,828.95 basis points, while market capitalisation dipped by N62.87 billion to close at N10.25 trillion.
Cordros daily market update says today’s loss extended the bearish streak to its fourth day and further extended the Month-to-Date (M-t-D) and Year-to-Date (Y-t-D) losses to 4.45 percent and 13.93 percent respectively.
The report affirmed that only one (1) of the five (5) sector indices gained. It said the Industrial index inched up by 0.22 percent on the gains in the shares of paint makers Berger Paints Plc by 1.55 percent and Lafarge Cement Wapco Nigeria Plc 0.51 percent.
On the contrary, at the close of today’s business on the local bourse, activities in the shares of Oando Plc down by 9.64 percent depressed the Oil/Gas index by 1.47 percent after posting a disappointing Full Year (FY) 2014 and first-half (H1) 2015 result.
In the same vein, the Insurance index also closed lower following losses in the shares of Axa Mansard Insurance Plc by 4.53 percent and NEM Insurance Plc by 4.05 percent, whilst top tier financial institution FBN Holdings Plc lost 3.04 percent, lender Guaranty Trust Bank Plc declining by 1.22 percent, cement producer, Dangote Cement Plc down by 2.96 percent and brewer Nigerian Breweries Plc closing with a loss of 1.47 percent led the Banking and Consumer sector indices to respective losses of 0.33 percent and 0.64 percent
At the closing of the day’s trading on the NSE, market breadth posted a negative outlook with 10 gainers and 28 losers. Nigeria’s mid-tier lender, Wema Bank Plc emerged top gainer with a gain of 0.05 kobo per share; while oil marketing major Oando Plc topped the losers chart with a loss of 0.96 kobo per share.
In terms of turnover, volume traded on the Nigerian equities market at the end of the day’s trading increased by 142.70 percent to 366.92 million shares worth N5.24 billion in 2,976 deals.
“With no awaited positive catalyst, we expect another decline in tomorrow’s session,” the Cordros update affirmed.
