Equities market opens week bullish by 0.12 per cent

Equities trading started the week on a positive note as the local bourse All Share Index (ASI) rose marginally by 0.12 per cent.

Hence, the year to date loss of the Nigerian Stock Exchange (NSE) ASI moderated to 7.38 per cent.

However, the number of losers outweighed the number of gainers as 29 stocks depreciated in value while 18 appreciated at the close of trade.

Investors demand for consumer goods and insurance stocks, such as Nestle, Okomu Oil, UACN and Wapic Insurance led to an increase in their respective indices by 1.86 per cent and 0.23 per cent.

However, sentiment remained weak in the equities market as performance of three sub-sector gauges were bearish, with the NSE Banking, NSE Oil/Gas and NSE Industrial Indices declining by 1.24 per cent, 0.62 per cent and 0.14 per cent respectively.

Meanwhile, the value of stocks traded dwindled by 24.06 per cent to N1.63 billion units. Guaranty Trust Bank was the most traded stock by volume and value at 17.83 million units and N401.07 million, respectively.

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