By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Wednesday maintained its winning streak as all-share index (ASI) gained 1.03 percent to at 29,889.91 points, while market capitalisation increased by N102.08 billion to close at N9.97trillion.
With this gain, the Nigerian bourse Year-to-Date (Y-t-D) loss now stands at 13.76 percent, a 138 basis points reduction.
Cordros update say today’s gain as better-than-expected 2014 financial year (FY) corporate results entice investors to neglect concerns in the political environment.
According to the report, four (4) out of the five (5) NSE Sectoral indices gained. “The Oil/Gas index recorded the best performance with a 1.88 percent increase, while the Banking index followed suit with 1.55 percent,” the report added.
Similarly, the Consumer Goods and Insurance indices also climbed up by 1.30 percent and 0.31 percent respectively. On the contrary, the Industrial Goods index emerged a lone loser, closing by a marginal 0.05 percent lower.
At the end of transactions on the Nigerian equities market, market breadth remained positive as it reported as 33 gainers and 12 losers. Aliko Dangote, Africa’s richest man’s, Dangote Flour Mills Plc topped the gainers chart with a gain of 0.30 kobo, while top tier lender, Access Bank Plc emerged top loser with a loss of 0.30 kobo, the same margin Dangote Flour gained.
In terms of turnover, volume traded on the Nigerian bourse increased by 105.20 percent to 433.87 million shares, valued at N4 billion and traded in 3,916 deals.
“We are still suspicious of the sustenance of this rally,” the Cordros update affirmed.
