Capital Market

Nigerian Bourse Inches up 0.72% on Consumer Goods, Oil/Gas Sector Gains

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By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian bourse on Monday commenced the week on a negative note as all-share index (ASI) inched up 0.72 percent to close at 30,764.37 points, while market capitalisation grew by N76.02 billion to N10.57 trillion.

This is coming on the heels of gains in the Consumer Goods and Oil/Gas sector bringing the Month-to-Date (M-t-D) gains to 3.64 percent while the Year-to-Date (Y-t-D) loss reduced to 11.23 percent.

Cordros daily market update reported that in today’s session, three (3) of the five (5) sector indices appreciated.

The report says the Consumer Goods led the gainers chart with 2.88 percent due to increases in the shares of beverage producer, Nestle Nigeria Plc by 4.84 percent, beer maker, Nigerian Breweries Plc by 4.26 percent and soap/detergent maker PZ Cussons Nigeria Plc with 3.82 percent.

Cordros affirmed that the Oil/Gas sector increased by 1.18 percent following share increases in  Eterna Oil Plc with 5.43 percent and oil marketer, Forte Oil Plc 4.17 percent, while gains in insurers, AIICO Insurance Plc gained 3.33 percent and NEM Insurance Plc 2.86 percent pushed the index to close at 0.21 percent higher.

On the contrary, losses in the shares of Zenith Bank Plc with 3.26 percent and construction giant, Julius Berger Plc with 4.99 percent depressed the Banking and Industrial indices to shed 0.16 percent and 0.15 percent respectively, according to the Cordros update.

At the close of trading on the Nigerian bourse, market breadth posted a positive outlook with 25 gainers and 19 losers recorded, according to the Nigerian Stock Exchange (NSE) daily market statistics.

Eterna led the gainers chart with a gain of 0.10, while construction giant Julius Berger emerged the top loser with a loss of N2.20 per share.

In terms of turnover, volume traded on the Nigerian equities market decreased by 42.89 percent to N266.65 million shares, valued at N3.18billion and traded in 3,366 deals.

“We expect the positive momentum to continue tomorrow,” the Cordros report affirmed. 

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