By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday commenced the week on a slippery note as all-share index (ASI) dipped 0.14 percent to close at 29,136.85 basis points, while market capitalisation decreased by N14.05 billion to close at N10.01 trillion.
“Today’s performance further extended the Year-to-Date loss to 15.93 percent,” Cordros daily market update affirmed.
The report said demand resurfaced on key banking stocks like Guaranty trust bank Plc and Zenith Bank Plc gaining 2.21 percent and 1.70 respectively, making it the sole gaining sector index by 0.98 percent at the close of today’s business on the Nigerian Stock Exchange (NSE).
Cordros says topping the losers’ chart was the Insurance index by 1.05 percent led by losses in the shares of Axa Mansard Insurance Plc and Nem Insurance Plc by 4.53 percent and 1.43 percent respectively.
Similarly, the report added that the Consumer and Industrial Goods sectors dropped by 0.37 percent and 0.31 percent respectively, while the Oil/Gas index dipped 0.04 percent.
At the close of the day’s trading on the local bourse, market breadth posted a negative outlook with 11 gainers and 27 losers.
Insurer, AIICO Insurance Plc emerged the top gainer with a gain of 0.04 kobo per share; while Logistics Company, Trans-Nationwide Express Plc emerged the top loser with a loss of 0.09 kobo per share.
In terms of turnover, volume traded at the close of the day’s business on the Nigerian equities market increased by 49.56 percent to 308.12 million shares worth N2.97 billion in 2,886 deals.
“Following a largely disappointing corporate releases season, market sentiments remain bland. Thus, we do not expect any gains in the coming session,” the Cordros update affirmed.
