By InvestAdvocate
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Lagos (INVESTADVOCATE)-The Nigerian equities market closed lower on Monday to open the week, following profit-taking on last week’s gains.
At the close of the session on the Nigerian Stock Exchange (NSE), the all-share index (ASI) shed 0.40 percent to close at 25,136.63 points.
“Today’s negative proceedings increased the Month-to-Date and Year-to-Date losses to 0.76 percent and 6.47 percent respectively, according to Cordros daily market update.
Cordros reports at the close of the trading session on the domestic bourse, the Banking index declined by 1.02 percent and suffered the biggest loss, dragged by the dwindling fortune in the shares of top tier lender, Zenith Bank Plc, whose share dropped 10.01 percent and had been marked for the 2016 final dividend.
In the same vein, the Oil & Gas and Industrial Goods indices closed lower by 0.60 percent and 0.31 percent apiece, following selloffs in the shares of oil marketing major Mobil Nigeria Plc and cement producer, Dangote Cement Plc both lost by 1.75 percent and 0.62 percent respectively.
On the positive side, the Consumer Goods and Insurance indices gained 0.14 percent and 0.44 percent each, as investors bought into the shares of Nigeria’s top beer producer, Guinness Nigeria Plc and insurer, Axa Mansard Insurance Plc both appreciated by 2.98 percent and 4.64 percent each.
According to the NSE’s daily stock market statistics, at the close of the session on the local bourse, market breadth was flat with 11 gainers and losers recorded apiece. United Capital Plc emerged the topmost gainer with a gain of 0.15 kobo per share; while oil marketing major, Forte Oil Plc became the topmost loser with a loss of N2.58 per share.
In terms of turnover, total volume traded on the Nigerian equities market declined by 44.82 percent to 135.40 million shares, valued at N0.68 billion, and exchanged in 2,909 deals.
“We expect the market to close lower in the subsequent session,” the Cordros update affirmed.
