By InvestAdvocate
Lagos (INVESTADVOCATE)-The bulls on Thursday returned to the Nigerian Stock Exchange (NSE) as all-share index (ASI) gained 0.75 percent on the back of a rallies in the Banking and Consumer Goods stocks to close at 27,205.95 basis points, while market capitalisation increased by N69.27 billion to N9.35 trillion.
Cordros update affirmed that the gain cut the Month-to-Date (M-t-D) and Year-to-Date (Y-t-D) losses to 0.66 percent and 21.50 percent respectively.
The update says three (3) of the five (5) sector indices gained. It reported the Banking sector topped the gainers chart following price increases in the shares of Nigeria’s top tier lenders, Zenith Bank Plc, FBN Holdings Plc and Stanbic IBTC Plc gaining by 8.98 percent, 3.65 percent and 4.85 percent respectively
Similarly, the Consumer Goods index climbed up by 1.96 percent following price appreciations in the shares of beverage maker, Cadbury Nigerian Plc by 4.98 percent, soap and detergent manufacturer, PZ Cussons Nigeria Plc by 3.62 percent and brewer, Guinness Nigeria Plc with a gain of 1.30 percent.
Also, closed higher at the end of Thursday’s trading on the local bourse, is the Oil & Gas sector which gained 0.003 percent supported by price increase in the shares of Eterna Plc and Forte Oil Plc by 8.18 percent and 0.04 percent respectively.
On the contrary, Cordros reported that the Insurance and Industrial Goods indices fell on profit-taking in the shares of AXA Mansard Insurance Plc and cement manufacturer, Dangote Cement Plc losing 4.74 percent and 1.35 percent respectively.
At the close of business on the Nigerian bourse, market breadth posted a positive outlook with 25 gainers and 11 losers recorded.
Top tier lender, Zenith Bank emerged the top gainer with a gain of N1.25 per share; while drugmaker, Fidson Healthcare Plc topped the losers chart with a loss of 0.13 kobo per share to close the day.
In terms of turnover, total volume traded on the Nigerian equities market decreased by 25.64 percent to stand at 179.06 million shares valued at N1.47 billion in 2,747 total deals.
“Though prices are currently at attractive levels, we expect gains to be short lived in the coming sessions,” the Cordros update affirmed.
