By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian bourse on Monday succumbed to a 0.37 percent loss in the opening session of the new trading-week.
Cordros daily market update says the all-share index (ASI) closed at 23,826.76 basis points, while market capitalisation decreased by N30.74 billion to N8.19 trillion, increasing the Year-to-Date loss of the index to 16.81 percent.
According to the report, the Banking and Insurance indices gained 2.10 percent and 0.05 percent respectively; following price appreciations in shares of Nigeria’s top tier lender, Zenith Bank Plc and reinsurer, Continental Re-Insurance Plc by 8.56 percent and 1.05 percent respectively.
On the contrary, the Oil & Gas sector declined by 2.43 percent to lead the losers chart as oil marketer, Forte Oil Plc recorded a loss of 5.00 percent.
Similarly, the Consumer and Industrial Goods indices depreciated by 0.74 percent and 0.65 percent each on the backs of losses in the shares of Nigeria’s top brewer, Guinness Nigeria Plc and cement producer, Dangote Cement Plc by 3.72 percent and 1.44 percent respectively.
At the close of today’s trading on the Nigerian Stock Exchange (NSE) market breadth was negative, with 20 gainers and 25 losers posted, according to the NSE’s daily market statistics. Zenith Bank emerged top gainer with a gain of N1.08 kobo per share; while Conoil Plc topped the losers chart with a loss of N2.40 per share.
In terms of turnover, total volume traded increased by 8.70 percent to close at 262.37 million shares, valued at N5.01 billion in 3,887 total deals.
“We expect today’s four (4) percent drop in oil prices following weak economic data releases from China and the fading prospect of OPEC action to weigh on investor sentiment in tomorrow’s session,” the Cordros update affirmed.
