By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Monday commenced the week on a bullish note as the all-share index (ASI) advanced by 0.06 percent to close at 28,263.16 points.
“Today’s positive performance increased the Month-to-Date gain to 2.49 percent and trimmed the Year-to-Date loss to 1.32 percent, according to Cordros daily market update.
The update affirmed that gains were recorded in the Consumer Goods and Insurance indices by 0.04 percent and 0.23 percent apiece, following price appreciations in the shares of top beer producer, Nigerian Breweries Plc and food and beverage maker, Cadbury Nigeria Plc by 1.03 percent and 4.95 percent each; while reinsurer, Continental Reinsurance Plc and Law Union & Rock Insurance Plc both gained 2.08 percent and 3.64 percent respectively.
On the flipside, Cordros reports that the Oil & Gas and Industrial Goods indices dipped by 1.06 percent and 0.09 percent each, following respective sell-offs in the shares of oil marketer, Conoil Plc and Nigerian glass maker, Beta Glass Plc both losing by 8.24 percent and 9.71 percent apiece.
The Banking index declined by 0.34 percent taking a hard hit following negative interest in the shares of Nigeria’s top tier lender, Zenith Bank Plc dropping by 0.96 percent.
At the close of the session, market breadth posted a negative outlook with 16 gainers and 23 losers reported. Flour Mills of Nigeria Plc emerged the top gainer with a gain of N1.00 per share; while BETAGLAS topped the losers list with a loss of N3.39 per share.
In terms of turnover, the total volume traded on the Nigerian equities market fell by 5.77 percent to N249.77 million shares, valued at N1.96 billion, and exchanged in 3,170 deals.
“We expect sentiments to reverse in tomorrow’s session as there are no significant catalysts to sustain today’s bullish close,” the Cordros update said.
