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 1.63 percent to close at 28,769.90 points, while market capitalisation fell by N163.95 billion to N9.88 trillion.
“Today’s negative return cut the Month-to-Date and Year-to-Date gains to 4.00 percent and 0.45 percent respectively, Cordros daily market update affirmed
This performance came as investors switched to profit-taking on last week gains, at the close of today’s session, the Banking and Consumer Goods indices shed 2.61 percent and 1.65 percent each, following selloffs in the shares of Nigeria’s top tier banks and pan African lenders, Zenith Bank Plc, Guaranty Trust Bank Plc and Ecobank Transnational Incorporated by 4.14 percent, 1.06 percent and 5.00 percent respectively.
On the Consumer Goods index, Nigeria’s brewing giants, Nigerian Breweries Plc, Guinness Nigeria Plc and soap and detergent producer, Unilever Nigeria Plc dipped 5. 00 percent, 3.94 percent and 1.83 percent apiece.
Still on the negative side is the Industrial Goods index depreciating by 1.22 percent, owing to price declines in the shares of cement manufacturers, Dangote Cement Plc and Ashaka Cement Plc by 2.08 percent and 0.14 percent each.
On the positive, the Insurance and Oil & Gas indices gained 0.60 percent and 0.55 percent each, as investors were bullish on the shares of Axa Mansard Insurance Plc and Custodian & Allied Insurance Plc by 5.00 percent and 3.89 percent, while oil marketing majors, Total Nigeria Plc and Forte Oil Plc appreciated by 2.31 percent and 1.01 percent respectively.
Market breadth was negative, with 17 gainers and 33 losers, according to the NSE’s daily stock market statistics.
Drugmaker, Neimeth International Pharmaceutical Plc emerged the top gainer with a gain of 0.08 kobo per share’ while pan African bank, ETI topped the losers chart with a loss of 0.85 kobo per share to close the session.
In terms of turnover, total volume traded at the close of business on the Nigerian bourse dropped by 33.73 percent to 416.66 million shares, valued at N2.25 billion, and traded in 4,684 deals.
“We expect bullish sentiments to return in tomorrow’s session,” Cordros affirmed.
