By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Equities on the Nigerian Stock Exchange (NSE) Thursday reversed its southward trend following renewed demand in majority of the sector indices, Cordros daily market update affirmed.

At the close of trading today on the Nigerian bourse, all-share index (ASI) added 0.11 at 29,700.08 basis points, while market capitalisation increased by N11.29 billion to close at N10.21 trillion.

“Today’s gain pared the Month-to-Date and Year-to-Date losses to 4.86 percent and 14.30 percent respectively,” the Cordros update added.

According to the report, three (3) of the five (5) sector indices gained. The Oil/Gas index climbed up 0.86 percent on the gains recorded in the shares of oil marketer, Forte Oil Plc by 2.27 percent, while the Insurance and Industrial Goods sectors rose by 0.85 percent and 0.43 percent respectively on the appreciations in the shares of insurers, AXA Mansard Insurance Plc by 4.69 percent, Custody Insurance Plc by 2.69 percent and cement producer, Dangote Cement Plc with a growth of 0.63 percent.

On the contrary, Cordros reported that losses in the Banking and Consumer Goods indices by 0.71 percent and 0.14 percent respectively were largely due to the activities in the shares of lenders, Access Bank Plc 4.99 percent, Guaranty Trust Bank Plc 1.37 percent, Flour Mills Nigeria Plc by 4.50 percent and beverage maker, Cadbury Nigeria Plc with a loss of 0.45 percent.

At the end of transactions on the local bourse, market breadth again posted a slightly negative outlook with 21 gainers and 23 losers recorded.

Okomuo Oil Palm Company Plc emerged the day’s top gainer with a gain of N3.32, while Access Bank topped the losers chart with a loss of 0.24 kobo per share.

In terms of turnover, volume traded increased by 7.61 percent to 172.84 million shares, valued at N3.44 billion and traded in 3,226 deals.

“We expect the market to maintain an upward trajectory amid strong corporate releases so far,” the Cordros report affirmed.