By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian Stocks all-share index (ASI) on Tuesday moved up 30,018.35 points, while market capitalisation increased by N45.32 billion to close at N10.00 trillion.
A Cordros report says the 30,000 point level recorded at the end of the session is for the first time since 13 January 2015. According to the update, despite sell-offs witnessed in blue chip stocks such as cement maker Dangote Cement Plc, oil marketing firm Forte Oil Plc and brewers Nigerian Breweries Plc, the market remained resilient at the close of business.
With this gain, current Year-To-Date (Y-t-D) loss at the Nigerian Stock Exchange (NSE) stands at 13.38 percent.
Cordros reported that three (3) out of the five (5) NSE Sectoral indices appreciated. The Banking index topped the gainers’ chart with a 3.28 gain, while the Industrial Goods and Insurance indices followed by 0.77 percent and 0.40 percent growth respectively.
On the contrary, the Oil/Gas index plunged the most by 0.90 percent, while Consumer Goods followed with a 0.49 percent drop. Salt maker, National Salt Company of Nigeria Plc emerged top gainer with a gain of 0.64 kobo, while its peer in the industry Union Dicon Salt Plc topped the losers chart with a loss of 0.69 kobo.
Market breadth at the Nigerian bourse closed on a positive note with 27 gainers and 10 losers outweighing the preceding session of 21 gainers and 22 losers.
In terms of turnover, volume traded climbed up by 55.71 percent to 396.81million shares, valued at N3, 814 billion and traded in 4,885 deals.
“The present market rally will likely persist, as naira volatility reductions are expected to increase investor’s confidence,” the Cordros update affirmed.
