By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The equities market on Monday halted an 11-day losing streak, with the Nigerian Stock Exchange (NSE) all-share index (ASI) inching up by -0.36 percent to 36,947.10 points, following bargain-hunting in banking stocks, according to Cordros daily market update.

The report says the Month-to-Date and Year-to-Date losses moderated to -0.35 percent and -3.39 percent respectively.

According to Cordros, at the close of the session’s trading on domestic bourse, the Banking and Oil & Gas indices gained +1.60 percent and +0.33 percent apiece, following renewed interests in the shares of top top tier lenders, Guaranty Trust Bank Plc and Zenith Bank Plc both up +4.53 percent and +1.96 percent each. 

Also, on gaining side is Eterna Oil Plc and Japaul Oil & Maritime Services Plc appreciating by +4.90 percent and +9.09 percent respectively.

On the flip side, negative sentiments in the shares of cement producer, Lafarge Cement Wapco Nigeria Plc which lost by –2.65 percent and food and beverage maker, Cadbury Nigeria Plc down by -8.00 percent per share largely caused the losses in the following indices, Industrial Goods -1.12 percent, Insurance 0.89 percent and Consumer Goods down 0.02 percent.  

Cordros reports that market breadth was flat with 21 gainers and losers apiece, led by Japaul Oil & Maritime which emerged the topmost gainer with a gain of 9.09 percent; while oil marketing major, Oando posted a loss of 8.96 percent as the worst performing stock.

At the close of Monday’s trading on the Nigerian bourse, total volume and value of traded were lower by 39.16 percent and 2.26 percent at 314.43 million units and N7.03 billion respectively exchanged in 6,016 deals.

“Our theme for equities market remains positive in the medium to long term, as still-positive fundamentals remain supportive of gains on the bourse. That said, we reiterate our guidance for cautious trading and the need for investors to focus on fundamentally sound stocks,” the Cordros update affirmed.