17 Stocks Gain, Boost Index by 0.32%

• 17 Stocks Gain, Boost Index by 0.32%

The Nigerian Stock Exchange All-Share Index received a 0.32 per cent boost on Monday after 17 stocks appreciated in value.

The ASI rebounded from previous session’s loss position following the positive close recorded across most key sectors.

The financial services and the industrial goods sectors led the ASI positive turnaround following advances across Zenith Bank Plc with 2.25 per cent gain, Guaranty Trust Bank Plc with 1.92 per cent gain and Lafarge Africa Plc with 3.81 per cent gain.

The consumer goods sector also closed modestly higher following mixed performances across Nigerian Breweries Plc with 1.52 per cent gain, Guinness Nigeria Plc with 9.75 per cent loss and Glaxo Smithkline Consumer Plc with 3.16 per cent loss.

However, the oil and gas sector lagged in Monday’s session after declines in Mobil Nigeria Plc by 3.15 per cent and Oando Plc by 0.93 per cent.

Market breadth turned negative with 17 advances and 23 declines.

On what would shape the next trading session, analysts at Vetiva Capital Management Plc, in the firm’s daily report, said, “With all key sectors, except for oil and gas closing higher in today’s session, we believe this somewhat suggests an improvement in market sentiment. On this note, we expect the NSE ASI to add more points in the session ahead.”

On the global front, Asian markets closed mostly lower after oil prices retreated during Asian trading hours on growing doubts that oil producers can reach a meaningful output cut deal. However, European markets eked out gains following a slight recovery in oil prices. United States futures pointed to a higher open.