By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The bears on Monday resurfaced on the Nigerian bourse to open the week low as all share index (ASI) dipped 0.33 percent to close at 27,179.28 basis point, while market capitalisation declined by N31.09 billion to N9.34 trillion.
Cordros daily market update reported that today’s loss brought the Month-to-Date (M-t-D) and Year-to-Date (Y-t-D) losses to 0.75 percent and 21.58 percent respectively.
The update says three (3) of the five (5) sector indices declined. It affirmed that losses in the shares of oil servicing company Eterna Plc and oil major, Oando Plc dropping 5.03 percent and 5.00 percent respectively.
Also, first listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc and Forte Oil Plc went down by 3.38 percent and 2.42 percent respectively dragging down the Oil and Gas index by 2.38 percent being the biggest sector loss, the Cordros report noted.
Similarly, the Cordros update reported that the financial services sectors also took a hit with the Banking and Insurance being weighed down 0.81 percent and 0.11 percent respectively; following the poor performance in the shares of lenders, Zenith Bank Plc, Stanbic IBTC Bank Plc and insurer, Continental Re-Insurance Plc recording losses of 3.11 percent, 4.67 percent and 3.00 percent respectively.
On the contrary, the Industrial index gained by 0.64 percent topping the gainers chart on the good performance in the shares of paint maker, Berger Paint Plc, cement producers, Lafarge Cement Wapco Nigeria Plc and Dangote Cement Plc all appreciating 4.97 percent, 1.49 percent and 0.02 percent respectively.
In the same vein, the Consumer Goods index climbed up by 0.15 percent via renewed interest in the shares of Tiger Branded Consumer Goods Plc, Flour Mills Nigeria Plc and brewer, Guinness Nigeria Plc all gaining 9.57 percent, 2.59 percent and 1.96 percent accordingly.
At the close of today’s session on the Nigerian bourse, market breadth posted a negative outlook with 15 gainers and 23 losers declared.
Tiger Branded emerged the top gainer with a gain of 0.11 kobo per share; while Eterna topped the losers chart with a loss of 0.09 kobo per share to close the day.
In terms of turnover, total volume traded increased by 195.50% to stand at 417.84 million shares valued at N2.97 billion in 2,710 total deals.
“We expect a rebound in the coming sessions,” the Cordros update added.
