By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian Stocks on Tuesday closed bullish on financial services and consumer goods sectors demand as all share index (ASI) gained 0.70 percent to close at 30,458.86 basis points, while market capitalisation added N72.33 billion to close at N10.44 trillion.
“The increase pared the Year-to-Date return to 12.11 percent, while the Month-to-Date return increased to 0.92 percent, Cordros daily market update affirmed.
According to the report, three (3) of the five (5) Nigerian Stock Exchange (NSE) sectoral indices recorded gains.
Cordros added that the banking index topped the gainers’ chart with a 2.83 percent rise via demand for shares of lenders, Guaranty Trust Bank Plc, Skye Bank Plc, Fidelity Bank Plc and Zenith Bank Plc respectively.
In the same vein, the insurance index followed with a 1.86 percent rise due to price appreciations in shares of insurers, Axa Mansard Insurance Plc, and Continental Re-insurance Plc.
The Consumer Goods index also added 0.57 percent as soap and detergent makers PZ Cussons Nigeria Plc and Unilever Nigeria Plc recorded significant demands.
On the contrary, the Cordros update says the industrial index lost 0.80 percent, owed to sell-offs in the shares of cement producer, Lafarge Cement Wapco Plc, while the Oil/Gas index dipped 0.55 percent as a result of price depreciations in the shares of oil marketing giants, Mobil Nigeria Plc, Total Nigeria Plc and Oando Plc.
In terms of turnover, market breadth on the Nigerian bourse, returned to a positive outlook; recording 29 gainers and 20 losers.
Conglomerate, Transnational Corporation of Nigeria emerged top gainer with a gain of 0.19 kobo per share; while Conoil Plc topped the losers chart with a loss of N3.98 kobo per share to close today’s session.
In terms of turnover, volume traded at the close of transactions on the Nigerian equities market climbed up by 108.69 percent to 668.32 million shares, valued at N4.76 billion and traded in 4,415 deals.
“Although some stocks are still attractively priced, the gains seen in the last two sessions render the market vulnerable to profit-taking activities,” the Cordros report affirmed.
