By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)- The Nigerian Stock Exchange all-share index (ASI) on Wednesday recorded its biggest single-day gain of 8.33 percent since March 23, 2010 to extend the current winning streak to nine (9) in a row.
The NSE ASI closed 34,000 points, while market capitalisation increased by N906.23 billion to close at N11.62 trillion.
According to Cordros market update, with today’s gain, current market Year-to-Date (Y-t-D) return stands at a negative 0.73 percent, “while the month of April began on a positive note after a 5.45 percent gain recorded in March,” the report added.
The Cordros report says all of the NSE Sectoral indices appreciated. “The Industrial Goods index recorded the most impressive gain with a 9.76 percent surge, while the Banking index followed suit with 8.88 percent increase,” according to Cordros.
Similarly, the Oil/Gas and Consumer Goods indices also recorded strong gains of 7.35 percent and 7.24 percent respectively while the Insurance index had the least gain of 1.42 percent.
At the close business on the Nigerian bourse, market breadth maintained its positive stance as 65 gainers and three (3) losers were recorded, outweighing the previous session’s 41 gainers and 9 losers. Cement producer, Dangote Cement Plc emerged top gainer with a gain of N16.40, while healthcare company Fidson Healthcare Plc topped the losers chart with a loss of 0.18 kobo.
In terms of turnover, volume traded at the Nigerian equities market increased by 132.33 percent to 881.58 million shares, valued at N10.94 billion and traded in 4,612 deals.
“We expect market momentum to remain high as more investors seek opportunities in this wind of rallies,” the Cordros update affirmed.
This development as expected is the initial reaction to a peaceful conclusion of the presidential election which spurred investors into aggressive investing.
