By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday commenced thw eek on a positive note; gaining 0.73 percent as all-share index (ASI) closed at 27,833.89 basis points, while market capitalisation grew by N69.74 billion to N9.57 trillion.

Cordros daily  market update says today’s gain extended the Month-to-Date (M-t-D) gain to 1.64 percent and paring Year-to-Date (Y-t-D) losses to 19.69 percent. 

According to the update, two (2) of the five (5) sector indices recorded gains, it reported the Industrial goods sector rallied by 3.13 percent on price increases in the shares of cement producer, Dangote Cement Plc by 6.27 percent and Portland Paint & Products Nigeria Plc by 4.22 percent, while oil marketer, Ondo Plc grew by 1.53 percent lifting the Oil & Gas sector by 0.17 percent to end the session.

Cordros reported on the contrary, pressure in financial services stocks such as insurer, Continental Re-Insurance Plc and NEM Insurance Plc dipped by 4.76 percent and 1.82 percent respectively, dragging the Insurance sector down by 0.36 percent.

While lender,  Zenith Bank Plc, financial services giant, FBN Holdings and Access Bank Plc depressed the Banking index by 4.74 percent, 3.67 percent and 2.83 percent respectively to close the day,

Also, the Consumer Goods dropped 1.64 percent closing lower on the back of declines in shares of Tiger Branded Cosnumer Nigeria Plc and Honeywell Flour Mills Plc by 9.45 percent and 9.39 percent respectively.

At the close of the day’s trading on the Nigerian bourse, market breadth posted a  negative outlook with 16 gainers and 30 losers.

In terms of turnover, total volume traded increased by 13.80 percent to stand at 127.82 million shares valued at N2.45 billion in 2,434 total deals.

“Though we anticipate gains in tomorrow’s session, we expect the current bullish streak to be short lived,” the Cordros update affirmed.