By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian stocks on Thursday gained 1.01 percent after a two day price correction to off-set Wednesday’s decline of 219 basis points (bps),
At the close of business on the Nigerian bourse, all-share index (ASI) closed at 34,520.14 points, while market capitalisation increased by N155.31billion to close at N11.76 trillion.
Cordros market update says the key catalyst to this development was as a result of market participants’ optimism; resulting to current Year-to-Date (Y-t-D) loss to 0.40 percent.
The report affirmed that four (4) out of the five (5) NSE Sectoral indices gained. “The Consumer Goods index led the gainers’ list with a 2.10 percent increase, while the Banking and Insurance indices followed with 1.04 percent and 0.70 percent gains respectively,” the report added.
While the Industrial Goods index climbed up marginally by 0.39 percent. On the contrary, the Oil/Gas index was the only loser with a loss of 1.13 percent.
At the end of today’s session on the Nigerian Stock Exchange (NSE), market breadth improved with a record of 26 gainers and 21 losers. Lender First City Monument Bank emerged top gainer with a gain of 0.30 kobo; while cement producer, Ashaka Cement Plc led the losers table with a loss of N2.08.
In terms of turnover, the NSE reported volume traded dipped by 14.61 percent to 601.18million shares, valued at N4.17 billion and traded in 5,724 deals.
“Today’s gain is expected to continue in tomorrow’s session, as we foresee more investors expressing willingness to partake in this rebound,” the Cordros report affirmed.
