By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Monday commenced the week on a negative note as all-share index (ASI) dipped 0.04 percent to close at 24,423.37 basis points, while market capitalisation fell by N3.14 billion to N8.39 trillion.
Cordros daily market update reported that the day’s loss brought the Month-to-date (M-t-D) gain to 2.12 percent and the Year-to-Date (Y-t-D) loss to 14.73 percent coming on the heels of declines in key Banking and Consumer Goods stocks.
According to the update, two (2) of the five (5) sector indices shed weight, it further affirmed that price declines in the shares of Nigeria’s top tier lender, Guaranty Trust Bank Plc by 0.01 percent and beer producer, Nigerian Breweries Plc losing 0.99 percent respectively dragged lower the Banking and Consumer Goods indices by 0.51 percent and 0.18 percent respectively.
On the contrary, the Cordros report says the Oil & Gas index appreciated by 1.20 percent following gains in the shares of first dual listed Nigerian Oil and Gas firm, Seplat Petroleum Development Company Plc by 5.13 percent
Similarly, the Industrial Goods and Insurance sectors gained by 0.20 percent and 0.17 percent respectively and boosted by gains in the shares of cement manufacturer, Lafarge Wapco Cement Nigeria Plc and NEM Insurance Plc by 0.63 percent and 4.11 percent each.
At the close of Monday’s trading on the Nigerian bourse, market breadth posted a negative outlook, with 17 gainers and 19 losers reported, according to the NSE’s daily market statistics. Educational publishing company, Learn Africa Plc emerged the top gainer with a gain of 0.08 kobo per share; while registrar, African Prudential Registrars Plc lost by 0.12 kobo per share to close the day.
In terms of turnover, total volume traded on the Nigerian equities market at the close of the session surged significantly by 1,902.92 percent on the back of a major cross in the shares of Fast Consumer Moving Goods (FCMG) Tiger Branded Consumer Goods Plc (3.26 billion) which accounted for 95.16 percent of total volume traded to 3.45 billion shares valued at N5.99 billion in 2,432 deals.
“We expect market activities to remain guided by profit-taking activities,” the Cordros update affirmed.
