By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian stocks on Tuesday rallied for the third consecutive day as the Nigerian Stock Exchange all-share index (NSE ASI) climbed up 1.10 percent to close at 30,601.13 points, while market capitalisation increased by N111.43 billion to close at N10.21 trillion.
With this gain, current market Year-to-Date (Y-t-D) returns on Nigerian equities stands at a negative 11.70 percent.
The rally is coming on the heels of investors’ enthusiasm towards the equities market, according to a Cordros market update.
The report affirmed that all of the five (5) NSE Sectoral indices gained. “The Consumer Goods index had the best performance with a 2.15 percent increase, while the Banking and Industrial Goods indices followed with a 1.79 percent and 0.67 percent rise respectively,” the Cordros update added.
In the same vein, the Insurance and Oil/Gas indices also gained 0.23 percent and 0.01 percent.
Market breadth at the Nigerian bourse improved recording 34 gainers and 11 losers compared to the preceding session of 26 gainers and 21 losers. Salt manufacturer, National Salt Company of Nigeria Plc, led the gainers chart with a gain of 0.44 kobo; while leading diversified company, operating in the food and beverages, real estate, paint and logistics sectors UAC of Nigeria Plc emerged top loser with a loss of N2.42 compared to N2.01.
In terms of turnover volume traded at the NSE increased by 94.82 percent to 510.06million shares, valued at N4.91billion and traded in 5,324 deals.
“The bullish streak is expected to continue on the back of renewed optimism and persistent bargain hunting,” the Cordros update affirmed.