By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Monday opened the week with a decline of 1.02 percent on the back of weakness in the Banking sector as the all share index (ASI) closed at 27,820.49 basis points, while market capitalisation dipped by N106.84 billion to N9.56 trillion.
“Today’s decline extended the Month-to-Date and Year-to Date losses to 4.65 percent and 19.73 percent respectively,” Cordros daily market affirmed.
The report says all five (5) major sectors declined, it said the Banking Sector dipped with 2.26 percent on the back of price declines in Zenith Bank Plc and Guaranty Bank Plc by 2.97 percent and 2.09 percent respectively.
It said the Consumer Goods Sector went down with 1.96 percent on the performance in the shares of brewers Guinness Nigerian Plc and Nigerian Breweries Plc which declined by 4.99 percent and 4.17 percent respectively on sell pressure.
Also, The Oil & Gas Sector depreciated marginally by 0.02 percent following sustained losses in the shares of oil marketer, Oando Plc by 0.16 percent. While the Insurance and Industrial sectors dropped by 0.49 percent and 0.25 percent respectively on the losses recorded in the shares of AIICO Insurance Plc and Lafarge Cement Wapco Nigeria Plc by 1.10 percent and 0.56 percent respectively.
At the close of the day’s trading on the Nigerian Bourse, market breadth sustained a negative outlook with eight (9) gainers and 26 losers posted, according to the NSE daily market statistics.
Multi-application and multi-channel electronic transaction switching and payment processing firm, eTranzact International Plc, emerged the top gainer with a gain of 0.12 kobo per share; while Champion Breweries Plc topped the losers chart with a loss of 0.20 kobo per share to close the day.
Cordros reports that total volume traded increased by 7.17 percent to stand at 154.79 million shares valued at N2.22 billion in 2,663 total deals
“With today’s loss, the ASI has now shed 4.12 percent in a six (6) day losing streak. Thus, we believe with the market fast approaching key support levels (currently 0.85 percent above its 52 week low), there might be some investor interest in tomorrow’s session,” Cordros affirmed.
