Nigerian Stocks Start Week Bullish on Frail Investors Confidence

Lagos (Naija247news)-The Nigerian Stock Exchange (NSE) on Monday commenced the week on a bullish note as the benchmark NSEASI advanced 0.32 percent to at 27,925 points.

“Stocks performance reduced the Month-to-Date and Year-to-Date losses to 1.45 percent and 2.50 percent correspondingly,” according to Cordros daily market update.

The report says at the close of the session on the domestic bourse, the Consumer and Industrial Goods indices gained by 0.14 percent and 1.27 percent each, following price appreciations in the shares of beer producer, Nigerian Breweries Plc and cement manufacturer. Lafarge Cement Wapco Plc both appreciating 1.52 percent and 3.61 percent respectively.

Also, the Banking index advanced 1.30 percent on the back of gains in the shares of Nigeria’s top tier lenders, Zenith Bank Plc and Guaranty Trust Bank Plc both gaining 2.25 percent and 1.32 percent. However, the Insurance and Oil & Gas indices closed lower by 0.61 percent and 0.51 percent apiece, following sell-offs in the shares of insurer, NEM Insurance Plc losing by 3.53 percent and oil marketing major down by 3.51 percent respectively.

At the close of the session, market breadth was negative, with 17 gainers and 23 losers reported, according to data from the NSE. Leading marine, aviation and logistics services provider, Caverton Offshore Support Group Plc emerged the top gainer with a gain of 0.06 kobo per share; while brewer, Guinness Nigeria Plc topped the losers chart with a loss of N8.62 per share.

In terms of turnover, total volume traded on the Nigerian equities market dipped by 14.63 percent to 171 million shares, valued at N 1.7 billion and exchanged in 3,045 deals.

“With no impetus to suggest that today’s gains might be sustained, we expect the index to decline in tomorrow’s session,” the Cordros update affirmed.

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