By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian bourse on Monday opened the week on a negative note as all-share index (ASI) dipped 0.03 percent to close at 29,168.04 basis points, while market capitalisation decreased by N2.51 billion to close at N10.03 trillion.
“After today’s session, the Month-to-Date and Year-to-Date losses currently stand at 0.03 percent each,” Cordros daily market update affirmed.
The report says this development is coming on the heels of losses in the Banking and Industrial heavyweights.
According to Cordros, two (2) of the five (5) sector indices gained. It reported the Oil/Gas sector with a gain of 1.29 percent extended its bullish momentum as the shares of oil marketing giant Oando Plc and Eterna Plc climbed up 10.10 percent and 4.97 percent respectively.
The Cordros update further affirmed the Insurance sector with a gain of 0.48 percent also gained on increases in the shares of insurers Nem Insurance Plc, Law Union and Rock Insurance Plc and Axa Mansard Insurance Plc by 4.55 percent, 3.85 percent and 0.77 percent respectively.
On the contrary, the update said losses in the shares of cement producers Dangote Cement Plc and Lafarge Cement Wapco Nigeria Plc by 0.61 percent and 0.27 percent respectively dragged the Industrial sector by 0.32 percent lower. While the Banking and Consumer Goods sectors closed the day bearish with 0.10 percent and 0.04 percent decline respectively.
At the close of the day’s session, market breadth on the Nigerian Stock Exchange (NSE) closed on a positive note with 25 gainers and 15 losers recorded.
Oando emerged the top gainer with a gain of 0.78 kobo per share, while indigenous marine, aviation and logistics services firm Caverton Offshore Support Group Plc topped the losers table with a loss of 0.13 kobo per share to close the day.
In terms of turnover, volume traded on the Nigerian equities market to close the day increased by 12.78 percent to 1,125.29 million shares worth N14.68 billion in 2,713 deals.
“Given the marginal loss and positive market breadth, we expect gains to resurface in tomorrow’s session,” the Cordros update affirmed.
