By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Monday opened the week on a bearish note, as all-share index (ASI) dipped 0.13 percent to close at 27,598.54 points, while market capitalisation dropped by N12.32 billion to N9.48 trillion.
“Today’s loss extended the Month-to-Date and Year-to-Date losses to 0.23 percent and 3.64 percent respectively,” Cordros daily market update affirmed.
The report says at the close of the session, the Banking and Consumer Goods indices lost 1.31 percent and 0.13 percent apiece; on the back of price declines in the shares of Nigeria’s top tier lenders, Guaranty Trust Bank Plc and Zenith Bank Plc by 2.08 percent and 1.00 percent each; while brewing giant, Guinness Nigeria Plc and Flour Mills of Nigeria Plc lost 2.89 percent and 3.18 percent respectively.
In the same vein, the Oil & Gas index depreciated by 0.53 percent, owing to selloffs in the shares of oil marketing majors, Total Nigeria Plc and Oando Plc by 4.38 percent and 0.97 percent each.
Cordros reported on the positive, the Industrial Goods and Insurance indices closed in green by 0.61 percent and 1.46 percent each, as cement producers, Dangote Cement Plc and Ashaka Cement Plc gained 0.88 percent and 4.99 percent apiece, while insurers AIICO Insurance Plc and Nem Insurance Plc appreciated by 4.05 percent and 3.90 percent respectively.
According to the report, at the close of trading on the Nigerian bourse, market breadth was negative, with 16 gainers and 24 losers posted, according to the Nigerian Stock Exchange (NSE) daily market statistics.
Salt producer and food products firm, Union Dicon Salt Plc emerged the top gainer with a gain of N1.27 per share, while Manufacturer of foam furniture and furnishings, Vitafoam Nigeria Plc topped the losers chart with a loss of 28 kobo per share to end the session.
In terms of turnover, total volume traded on the NSE fell by 41.62 percent to 142.34 million shares, valued at N1.43 billion, and exchanged hands in 3,695 deals.
“We expect the market to trade sideways in the coming session,” the Cordros update added.
