By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian stocks on Tuesday gained 1.82 percent on weaker demand in blue chips as all-share index (ASI) closed at 30,225.34 basis points, while market capitalisation grew by N185.87 billion to N10.39 trillion.
“Today’s performance pared the Year-to-Date (Y-t-D) loss at 12.79 percent, while the index gained 0.15 percent on a Month-to Date (M-t-D) basis,” Cordros daily market update affirmed.
The report says four (4) of the five (5) NSE sectoral indices appreciated. “Gains in STANBIC (+10.23 percent), SKYEBANK (+8.98 percent) and GUARANTY (+6.89 percent) pushed the Banking index to top the gainers chart with a 2.77 percent increase, while the Insurance index followed with a 2.37 percent gain,’ Cordros added.
Similarly, the Consumer Goods and Industrial Goods indices also gained 2.14 percent and 1.89 percent respectively.
On the contrary, the report says the Oil/Gas index was the sole loser in today’s session, with a 1.01 percent decline following losses in shares of Coil Oil Plc, (-9.71 percent), Forte Oil Plc (1.39 percent) and Oando Plc (-0.27 percent).
At the close of the day’s trading on the Nigerian bourse, market breadth was maintained a positive outlook with 39 gainers and 20 losers recorded.
Okomu Oil Palm Company Plc emerged the top gainer with a gain of N2.21 per share; while Conoil topped the losers table with a loss of N3.23 per share.
In terms of turnover, volume traded climbed up by 83.83 percent to N938.21 million shares, valued at N7.49 billion and traded in 6,065 deals.
“We expect the market to decline in tomorrow’s session following increased sell-off in today’s session,” the Cordros update affirmed.
