By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Nigerian stocks on Monday opened the week on a negative note, with the all-share index (ASI) falling by 0.06 percent to close at 25,318.41 points.

“Today’s negative close increased the Month-to-Date (-6.99 percent) and Year-to-Date (-11.98 percent) losses,” according to Cordros daily market update.

The Cordros report affirmed that the Banking index advanced 0.24 percent and the Industrial Goods was unchanged while the remaining three sector indices closed below their Friday’s levels.

According to the update, the Insurance index dipped 1.10 percent and recorded the biggest decline, following selloffs in the shares of insurers, Axa Mansard Insurance Plc and NEM Insurance Plc both depreciated by 4.76 percent and 2.70 percent respectively, while oil marketing majors, Forte Oil Plc and Oando Plc dropped by 5.00 percent and 4.76 percent each to weigh down on the Oil & Gas index by 0.01 percent.

Fast Consumer Moving Goods (FCMG) firms, Dangote Flour Mills Plc and Honeywell Flour Mills Plc recorded losses of 2.37 percent and 1.83 percent apiece; weighed on the Consumer Goods index by 0.42 percent.

On the positive side, gains recorded by Nigeria’s top tier lenders, Fidelity Bank Plc, Guaranty trust Bank Plc and pan-African lender, Ecobank Transnational Incorporated  by 3.80 percent, 2.34 percent and 3.16 percent respectively gave the banking index a lift.

At the close of the session on the Nigerian bourse, market breadth deteriorated, with eight (8) gainers and 22 losers recorded, according to data from the Nigerian Stock Exchange (NSE). Mobil Nigeria Plc emerged the top gainer with a gain of N10.44; while Forte Oil topped the losers list with a loss of N3.14.

In terms of turnover, total volume traded on the Nigerian equities market increased by 40 percent to 202.4 million shares, valued at N1.6 billion, and traded in 2,558 deals.

“We expect snippets of buying in tomorrow’s session,” the Cordros report said.