The Nigerian Stock Exchange (NSE) began the first trading in the month of December on a bearish note as All Share Index closed at 30,798.76 basis points, down 0.24 percent following sell-offs across major sectors.
Consequently, the Year-to-Date, YtD loss amplified to -19.47 percent.
Among sectoral Indices, the Insurance (-4.51 percent) Index posted the heaviest loss amidst sell-off in Continental Insurance (-10.00 percent).
Also, the Industrial (-0.03 percent) and Consumer Goods (-0.72 percent) Indices also closed negative, driven largely by negative performance across Dangote Cement (-1.02 percent), and Nigerian Breweries (-2.66 percent).
Conversely, the Banking (+0.61 percent) and Oil & Gas (+2.07 percent) Indices were positive, following investors’ interest in SEPLAT (+4.16 percent) and Zenith Bank (+1.72 percent) shares.
Jaiz Bank was the best performing stock in Monday’s trading .
The stock gained 10 percent to close at N0.44 per share, Diamond Bank, which was the worst performing stock last week, gained 9.23 percent to close at N0.71. Learn Africa came third in the gainers table with a 8.62 percent gain to close at N1.26.
On the other hand, Continental Reinsurance was the worst performing stock .
The stock shed 10 percent to close at N1.80. MRS Oil declined by 9.98 percent to close at N25.70. AXA Mansard fell by 9.9 percent to close at N1.82 per share.
The top three most traded stocks all came from the banking sectpr. FCMB was the most actively traded stock with 30.5 million shares valued at N47.7 million traded in 189 deals.
Diamond Bank was next with 19.2 million shares valued at N13.6 million traded in 34 deals. FBN Holdings rounds up the top three with 18.2 million shares valued at N132 million traded in 212 deals.
Meanwhile, analysts at a Lagos based investment firm, Cordros Capital said : “Our outlook for equities in the near to medium term remains conservative, in the absence of a near term one-off positive catalyst; and more so, amidst political uncertainty ahead of the upcoming general elections. However, stable macroeconomic fundamentals remain supportive of recovery in the long term.”