By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Tuesday gained N15.32 billion in market capitalisation to close at N9.93trillion; despite price declines in blue chip stocks such as cement manufacturer, Dangote Cement Plc, brewer, Nigerian Breweries Plc and beverage maker, Nestle Nigeria Plc.
At the end of the session, the Nigerian Stock Exchange all-share index (NSE ASI) climbed up by 0.15% to close at 29,819.39 points, with this gain, current Year-to-Date (YTD) returns stands at negative 13.96 percent.
According to Cordros market update, three (3) out of the five (5) NSE Sectoral indices gained. “The Banking index remained resilient, leading the gainers’ chart for the second consecutive session with a 2.16 percent increase, while Insurance and Industrial Goods followed with 1.07 percent and 0.81 percent gains respectively,” the report affirmed.
On the contrary, the Consumer Goods index dipped the most by 0.64 percent, while Oil/Gas index also went down by 0.14 percent.
In terms of market breadth, the Cordros report noted that the Nigerian bourse worsened, with 21 gainers and 25 losers recorded. Nigeria’s top tier lender, Guaranty Trust Bank Plc led the gainers table with a gain of N1.04, while agro allied firm, Okomuoil Plc emerged top loser with a loss of N1.56.
Turnover at the NSE shows that volume traded decreased by 26.92 percent to 311.51million shares valued at N4.14billion and traded in 4,640 deals.
“The market rally may not be sustainable as investors are still less optimistic of the economic outlook,” the Cordros report said.
