By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)- Bulls on Tuesday sustained hold on the Nigerian Stock Exchange (NSE) as all-share index (ASI) gained 0.20 percent propped up by the shares of Industrial and Consumer Goods shares, according to Cordros Daily Market Update.
ASI closed on the local bourse at 30,825.00 points, while market capitalisation increased by N21.55 billion to N10.59 trillion.
According to the Cordros report, today’s gain increased the ASI’s Month-to-Date (M-t-D) gain to 3.84 percent while the Year-to-Date (Y-t-D) loss reduced to 11.06 percent.
The report says once again, three (3) of the five (5) sector indices appreciated. It affirmed the Industrial Goods index with a growth of 0.67 percent led the bulls due to gains in shares of paint maker, Berger Paints Plc with 4.93 percent and cement manufacturer, Dangote Cement Plc by 1.77 percent.
It added the Oil/Gas sector with a gain of 0.33 percent followed suit owing to a 1.94 percent share increase in oil marketer Oando Plc, while gains in the shares of Fast Consumer Moving Goods (FCMG) firms, Honeywell Flour Mills Plc and Flour Mills of Nigeria Plc with 4.72 percent and 3.41 percent increase respectively pushed the Consumer Goods index 0.23 percent higher.
On the contrary, the report disclosed that the Banking index with a decline of 1.18 percent continued its downward trajectory following losses in heavyweights like Nigeria’s top tier lenders, Zenith Bank Plc with 2.91 percent, Guaranty Trust Bank Plc 1.30 percent and United Bank for Africa Plc 1.19 percent.
The report further affirmed that profit-taking in the shares of insurers AIICO Insurance Plc by 4.30 percent, Nem Insurance Plc 4.17 percent and Axa Mansard Insurance Plc with 4.03 percent dragged the Insurance index to a 1.50 percent loss.
At the close of the day’s trading on the Nigerian bourse, market breadth posted a negative outlook with 20 gainers and 28 losers recorded.
In terms of turnover, volume traded on the Nigerian equities market increased by 165.48 percent to N707.91 million shares, valued at N2.51billion and traded in 3,787 deals.
“Waning gaining momentum, coupled with the negative breadth witnessed today, are indications of the market likely closing red in tomorrow’s session,” the Cordros update affirmed.
