By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The bulls resurfaced at the Nigerian Stock Exchange (NSE) on Wednesday as all-share index (ASI) gained 1.37 percent to close at 34,583.29 points, while market capitalisation added N154.33 billion to close at N11.42 trillion.
Cordros report say the recent gains leave the Year-to-Date (YTD) and Month-to-Date (MTD) returns at a negative 16.32 percent and 7.90 percent respectively.
According to the report, the bullish trading garnered tempo post-MPC meeting, as investors took advantage of cheap stock prices in counters across various sectors of the equities market.
In terms of sectoral performance, Cordros reported that the Consumer Goods index topped the gainers’ chart with a 2.90 percent gain, the Oil/Gas index followed with a 1.87 percent gain, while the Banking and Industrial indices added 1.18 percent and 0.23 percent accordingly. “On the other hand, the Insurance index fell by 0.33 percent,” the report added.
Similarly, the market breadth of Nigerian equities at the end of the session remained positive with 33 gainers and 18 losers. Soap makers, PZ Cussons Nigeria Plc led the gainers chart gaining N2.50; while beer makers Champion Breweries Plc, emerged top losers as it lost 0.49 kobo.
Turnover at the Nigerian bourse shows that activities increased 79.70 percent as volume traded climbed up to 642.91 million shares worth N9.96 billion and traded in 5,347 deals
“We expect the bulls to continue tomorrow as the MPC appears to have addressed one of the major uncertainties (the Naira exchange rate) affecting the market,” the Cordros report affirmed.
