By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian stocks on Tuesday gained 2.13 percent as all-share index (ASI) closed at 31,753.15 points, while market capitalisation increased by N226.43 billion to close at N10.72 trillion.
Cordros daily update say the steady increase led to a reduction of Year-to-Date (Y-t-D) loss at the Nigerian Stock Exchange (NSE) to 8.38 percent, the lowest since the peak of 20.41 percent on February 13.
This is coming on the heels of the tension surrounding the conclusion of the collation process of the presidential election and investor confidence appearing unaffected.
According to the update, all of the NSE Sectoral indices gained. “The Banking, Consumer Goods and Oil/Gas indices recorded significant gains of 3.53 percent, 3.43 percent, and 2.15 percent respectively,” Cordros said. While the Industrial Goods and Insurance indices also gained marginally by 0.26 percent and 0.15 percent respectively.
At the close of business on the Nigerian business, market breadth maintained its positive outlook, recording 41 gainers and 9 losers. Cement producer, Ashaka Cement Plc emerged top gainer with a gain of N1.89; while courier company, Red Star Express Plc topped the losers chart with a loss of 0.15 kobo.
In terms of turnover, at the close business on the Nigerian equities market, volume traded increased by 93.34 percent to 379.45 million shares, valued at N5.05 billion and traded in 4,138 deals.
“In the absence of any major rancor following the announcement of the results, we expect the market to continue its uptrend in tomorrow’s session,” Cordros report affirmed.
