By InvestAdvocate
Lagos (INVESTADVOCATE)-Bullish run persisted Thursday on the floor of the Nigerian Stock Exchange (NSE) for the fourth consecutive time as all-share index (ASI) gained 0.29 percent to close at 31,495.73 basis points, while market capitalisation grew by N31.52 billion to N10.80 trillion.
With this gain, current market Year-to-Date (Y-t-D) return stands at a negative 9.12 percent as demand in the Consumer Goods sector offset profit-taking activities in the Banking and Oil/Gas sectors, according to a Cordros daily market update.
The update says Consumer Goods stocks like Dangote Flour Mills Plc, brewers Nigerian Breweries Plc, and Guinness Nigeria Plc, soap maker, PZ Cussons Nigeria Plc recorded price appreciation, while stocks like that of lenders, United Bank for Africa Plc, Zenith Bank Plc, oil majors Oando Plc and Forte Oil Plc witnessed sell-offs after the gains recorded yesterday.
According to Cordros report, two (2) out of the five (5) NSE sectoral indices moved in line with the broader market. “The Consumer Goods index had the best performance with a 2.44 percent addition, while the Industrial index recorded a gain of 0.14 percent,” the report added.
It said on the contrary, the Banking index had the worst performance with 1.59 percent depreciation, the Oil/Gas index followed with a 1.30 percent dip, while the Insurance index remained unchanged.
At the close of trading on the Nigerian bourse, market breadth returned negative recording 19 gainers and 28 losers, according to the NSE daily market statistics.
Soap and detergent maker, PZ Cussons Nigeria Plc emerged top gainer with a gain of 3.00 per share; while Fast Moving Consumer Goods (FMCGs) company, Flour Mills of Nigeria Plc topped the losers chart with a loss of N1.62 per share.
At the close of the session on the Nigerian Equities market, volume traded increased by 58.34 percent to 532.29 million shares, valued at N5.33 billion and traded in 4,402 deals.
“We expect profit-taking to continue tomorrow,” the Cordros report affirmed.
