By Yakubu LAAH InvestAdvocate
Lagos INVESTADVOCATE)- The Nigerian equities market on Monday opened the week on a bullish note as all-share index (ASI) climbed up 1.39 percent to close at 29,793.13 points, while market capitalisation increased by 136.54 billion to close at N9.94 trillion.
With this trend, current Year-to-Date (Y-t-D) returns at the Nigerian Stock Exchange (NSE) stands at 14.03 percent from 20.41 percent on the 13th of this month, according to Cordros market update.
The report say the upward movement in the Nigerian bourse comes as investors continued to perceive stocks as attractive at current price levels.
According to Cordros, at the end of the session four (4) out of the five (5) NSE Sectoral indices gained. “The Banking index topped the gainers’ list with a 2.97 percent increase, while the Consumer Goods and Oil/Gas indices followed with 1.59 percent and 0.42 percent gains respectively,” the report added.
Similarly, the Industrial Goods recorded the least gain with a 0.15 percent upward movement; while the Insurance index was the only loser with a 0.48 percent decline.
At the end of today’s session, market breadth remained positive as 26 gainers and 15 losers were recorded. Lender, Access Bank Plc emerged the top gainer, with a gain of 0.49 kobo; while Beta Glass Plc topped the losers table with a loss of N1.42.
In terms of turnover, volume traded at the Nigerian bourse grew by 10.40 percent to 306.63 million shares, valued at N3.01 billion and traded in 4,139 deals.
“The current positive performance is expected to prevail in tomorrow’s session beyond which we expect a profit-taking induced correction,” the Cordros update affirmed.
