By InvestAdvocate
Lagos (INVESTADVOCATE)-Equities on the Nigerian Stock Exchange (NSE) on Monday extended its gains from last week as all-share index (ASI) added 1.83 percent to close at 30,052.20 basis points, while market capitalisation grew by N186.08 billion to N10.34 trillion.
Cordros daily market update says the gain is hinged on the performance of Africa’s global lender, United Bank for Africa Plc (UBA) +10.24 percent, financial and investment services power house, United Capital Plc +9.09 percent and financial services holding company FBN Holdings Plc gaining +5.99 percent
With this performance, current market Month-to-Date (M-t-D) and Year-to-Date (Y-t-D) returns on the Nigerian bourse stands at a positive 1.24 percent and 13.29 percent.
According to the update, all (5) five of the NSE sectoral indices recorded gains. “The Banking index retained its bullish streak with a 3.19 percent increase, evident in gains in the aforementioned,” Cordros added.
Similarly, the Insurance index followed suit with 1.62 percent on the back of gains in shares of insurers, AXA Mansard Insurance Plc +4.98 percent, Continental Reinsurance Plc +4.82 percent and Custodian and Allied Insurance Plc +4.75 percent.
In the same vein, the Industrial index and Consumer Goods indices also recorded respective gains of 1.42 percent and 0.33 percent, while the Oil/Gas index added a marginal 0.17 percent.
At the close of trading on Monday at the Nigerian bourse, market breadth posted a positive outlook with 34 gainers and 15 losers.
Africa’s global lender, UBA emerged top gainer with a gain of 0.39 kobo per share; while Aviation sector operator and oil services firm, Caverton Offshore Support Group Plc topped the losers chart with a loss of 0.34 kobo per share.
In terms of turnover, volume traded at the Nigerian equities market dipped by 22.62 percent to N214.95 million shares, valued at N1.76 billion and traded in 3,893 deals.
“We expect the current market rally to come to a halt in subsequent sessions,” the Cordros update affirmed.
