By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The bearish streak on the Nigerian Stock Exchange (NSE) on Wednesday halted on marginal gains across sectors boosting the all-share index (ASI) to 0.06 percent compared to a loss of 0.62 percent recorded in yesterday’s session.
According to Cordros market update, the NSE ASI closed at 34,529.46 points, while market capitalisation increased by N7.37 billion to close at N11.77 trillion.
With today’s gain, current market Year- to-Date (Y-t-D) loss at the Nigerian equities market stands at 0.37 percent.
The report says four (4) out of the five (5) NSE Sectoral indices appreciated. “The Industrial and Insurance indices recorded gains of 1.43 percent and 1.17 percent respectively,” Cordros affirmed.
In the same vein, the Banking and Oil/Gas indices also climbed up by 0.93 percent and 0.38 percent respectively. On the contrary, the Consumer Goods index was the only loser with a dip of 0.86 percent.
At the end of business on the Nigerian bourse, market breadth posted a positive outlook recording 33 gainers and 23 losers.
Africa’s top tier lender, United Bank for Africa Plc emerged top gainer with a gain of 0.36 kobo, while Ikeja Hotel Plc topped the losers chart with a loss of 0.44 kobo per share.
In terms of turnover, Cordros reported that volume traded on the NSE grew by 3.26 percent to 342.91 million shares, valued at N3.49 billion and traded in 5,500 deals.
“We expect the recovery to persist, albeit modestly, as investors continue to seek for optimal entry prices,” the report added.
