By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities on Monday commenced on a negative note as equities slipped on renewed bear pressure to open the week lower 0.52 percent.
At the close of trading on the Nigerian Stock Exchange (NSE), the all share Index (ASI) closed at 25,853.58 basis points, while market capitalisation shed N46.37 billion to N8.89 trillion.
“Today’s activities cut the Month-to-Date gain to 5.22 percent and increased the Year-to-Date loss to 9.74 percent,” Cordros daily market update affirmed.
The update reports that the Consumer and Industrial Goods indices closed positive by 1.35 percent and 1.32 percent down respectively following price depreciations in the shares of Nigeria’s foremost beer producer, Nigerian Breweries Plc and cement manufacturer, Dangote Cement Plc by 3.00 percent and 1.22 percent apiece.
Similarly, Cordros reports the Insurance sector dipped 0.64 percent, on the decline recorded in the shares of insurer, Axa Mansard Insurance Plc by 2.73 percent.
On the contrary, the report says gains declared in the shares of Nigeria’s top tier lenders, Zenith Bank Plc and Guaranty Trust Bank Plc by 4.45 percent and 1.17 percent respectively boosted the Banking index; while price increase in the shares of first Nigerian dual listed oil and gas upstream firm, Seplat Petroleum Development Plc and Conoil Plc by 0.29 percent and 10.14 percent apiece to uplift the Oil and Gas sector.
At the close of today’s trading on the Nigerian bourse, market breadth was negative, with 16 gainers and 23 losers posted.
Conoil emerged the top gainer with a gain of N1.68 per share; while soda maker Seven-Up Bottling Company Plc topped the losers chart with a loss of N8.07 per share, according to the NSE’s daily market statistics.
In terms of turnover, total volume traded to close the day on the Nigerian equities market rose by 5.13 percent to 174.50 million shares worth N1.41 billion and traded in 3,632 deals.
“We expect the bulls to resurface in tomorrow’s session (taking positions), as more FY’2015 earnings results trickle in,” the Cordros update added.
