By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Monday opened the week lower, as the all-share index (ASI) closed 0.25 percent to 28,733.90 points, while market capitalisation fell by N24.57 billion to N9.86 trillion.
“Today’s performance increased the Month-to-Date loss to 2.92 percent and pared the year-to-date gain to 0.32 percent,” Cordros daily market update affirmed.
The update says the Banking and Insurance indices declined by 0.30 percent and 2.08 percent each, owing to selloffs in the shares of Nigeria’s tier one lender, Guaranty Trust Bank Plc and financial HoldCo, FBN Holdings Plc depreciating 0.96 percent and 1.32 percent respectively; while reinsurer, Continental Reinsurance Plc and insurer, Axa Mansard Insurance Plc dropped by 11.30 percent and 1.90 percent apiece.
Similarly, the Consumer Goods index lost 0.42 percent; owing to losses reported in the shares of beermakers, Nigerian Breweries Plc and Guinness Nigeria Plc by 0.71 percent and 0.22 percent respectively; while food and beverage producer, Nestle Nigeria Plc climbed down by 0.23 percent.
The lackluster performance on the shares of cement giant, Lafarge Cement Wapco Plc going down by 5.08 percent to impact negatively the Industrial Goods index by 2.12 percent.
On the positive side, Cordros reports that the Oil & Gas index gaining 2.08 percent benefitted from gains recorded in the shares of oil marketing major, Forte Oil Plc by 8.11 percent.
The update says at the close of the session, market breadth posted a negative outlook, with 10 gainers and 29 losers, according to the NSE’s daily market statistics.
Distressed lender, Skye Bank Plc emerged the top gainer with a gain of 0.06 kobo per share; while insurer, Law Union & Rock Insurance Plc topped the losers chart with a loss of 0.05 kobo per share.
In terms of turnover, total volume traded increased by 15.80 percent to 315.57 million shares, valued at N1.72 billion, and traded in 3,976 deals.
“We expect selloffs to persist in tomorrow’s session (particularly in the absence of impressive Q2 earnings), as today’s performance broadly mirrors weakened investor appetite,” the Cordros report added.
