By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Tuesday continued its upward movement as all-share index (ASI) climbed up 0.35 percent to close at 30,325.11 basis points, while market capitalisation increased by N36.46 billion to close at N10.42 trillion.
With the fourth consecutive session of gains, today’s rise in the ASI pared both Month-to-Date (M-t-D) and Year-to-Date (Y-t-D) declines to 2.86 percent and 12.50 percent respectively, according to Cordros daily market update.
The report says the rise in the ASI was driven by gains in only two (2) out of the five (5) major sectors.
It affirmed the Banking sector index rose by 1.18 percent for the third consecutive session, following gains in the shares of Guaranty Trust Bank Plc by 1.64 percent and Access Bank Plc with a 1.85 percent gain.
The report further affirmed the Oil & Gas sector index with a gain of 1.42 also extended its winning streak to three (3) consecutive sessions, courtesy of a price appreciation in shares of oil marketing firm Forte Oil Plc by 3.54 percent.
On the contrary, the Industrial Goods sector index dipped by 0.05 percent at the end of today’s session. In the same vein, the Consumer Goods and Insurance indices depreciated by 0.13 percent 1.26 percent respectively following performance in the shares of soap and detergent maker Unilever Nigeria Plc by 4.62 percent and AXA Mansard insurance Plc with a loss of 4.85 percent in the review period.
At close of business today on the Nigerian bourse market breadth posted a positive outlook recording 25 gainers and 16 losers.
Unlike Monday’s session Logistics Company Trans–Nationwide Express Plc topped the gainers chart with a gain of 0.10 kobo per share, while foam makers, Vitafoam Nigeria Plc emerged top loser with a loss of 0.27 kobo per share.
In terms of turnover, volume traded at close of the day’s trading on the Nigerian equities market increased by 134.92 percent to 254.39 million shares worth N3.22 billion in 2,988 deals.
“Considering the ASI has gained in four consecutive sessions, we think the market is firmly on a bullish trajectory, hence we expect another positive session tomorrow,” Cordros affirmed.
