By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Monday opened the week in red as the all-share index (ASI) declined 0.30 percent to close at 27,368.41 points.
“Today’s bearish proceedings extended the Month-to-Date and Year-to-Date losses to 2.29 percent and 4.45 percent respectively,” Cordros daily market update affirmed.
According to the report, at the close of the session, the Banking and Insurance indices shed weight closing down by 0.54 percent and 0.47 percent each and coming on the back of negative interest in the shares of Guaranty Trust Bank Plc, financial HoldCo FBN Holdings Plc and insurer, Nem Insurance Plc; all closing negatively by 1.29 percent, 1.98 percent and 4.44 percent. Also, reinsurer, Continental Reinsurance Plc dipped 3.06 percent.
Similarly, the Oil & Gas index fell 0.04 percent, owing to a price decline in the shares of oil marketing major; Oando Plc by 0.40 percent; while beer producer, Nigerian Breweries Plc lost 1.27 percent to overshadow gains recorded by the shares of softdrink maker, SevenUp Bottling Company Plc gaining 3.52 percent and Honeywell Flour Mills Plc climbing up by 2.94 percent to weigh negatively on the Consumer Goods index by -0.43 percent. The Industrial Goods index however closed flat, the Cordros report added.
At the close of the session’s transactions on the Nigerian bourse, market breadth posted a negative outlook with 10 gainers and 17 losers, according to the NSE’s daily stock market statistics. Microfinance Company, NPF Microfinance Plc emerged the top gainer with a gain of 0.04 kobo per share; while mid-tier lender, Unity Bank Plc topped the losers chart with a loss 0.08 kobo per share.
In terms of turnover, total volume traded on the Nigerian equities market slumped by 70.01 percent to 83.83 million shares, valued at N711.12 million, and traded in 2,279 deals.
“In the absence of positive catalysts, we anticipate another session of loss tomorrow, the Cordros update added.
