By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Wednesday gained 3.79 percent to reverse recent losses.
At the close of trading on the local bourse, all share index (ASI) closed at 27,777.83, basis points, while market capitalisation climbed up by N351.51 billion to N9.55 trillion.
Cordros daily market update says this trend brings the Month-to-Date (M-t-D) to a 1.43 percent gain and cutting the Year-to-Date (Y-t-D) loss to 19.85 percent.
The update reported that four (4) of the five (5) sector indices gained. It affirmed the Consumer and Industrial Goods sectors gained 4.18 percent and 4.16 percent respectively to drive the recent gains on the local bourse following increases in the shares of brewer, Nigerian Breweries Plc by 7.83 percent, beverage maker, Nestle Nigeria Plc 4.30 percent, cement producer, Dangote Cement Plc and paint manufacturer, Portland Paints and Products Nigeria Plc appreciating 8.59 percent and 4.74 percent respectively.
Similarly, the Oil & Gas index grew 0.69 percent lifted by gains in the shares of oil marketers, Oando Plc and Mobile Nigeria Plc by 4.80 percent and 3.33 percent respectively; while Eterna Oil Plc climbed up by 3.45 percent.
The Insurance sector also followed in line with a marginal gain of 0.40 percent on the back of price increases in the shares of insurers, Continental Insurance Plc and Custodian and Allied Insurance Plc by 3.85 percent and 1.23 percent respectively.
On the contrary, losses in the shares of Nigeria’s top tier lenders such as Zenith Bank Plc, Guaranty Trust Bank Plc and Diamond Bank Plc losing 1.06 percent, 0.60 percent and 2.13 percent drag the Banking index to a 0.90 percent decline.
In terms of market breadth, the local bourse posted a positive outlook with 33 gainers and nine (9) losers recorded. Cement manufacturer, Dangote emerged top gainer with a gain of N13.05 kobo per share; while first online real-time payment system, eTranzact International Plc topped the losers chart with a loss of 0.16 kobo per share to close the day.
In terms of turnover, total volume traded increased by 8.37 percent to stand at 1.41 billion shares valued at N1.95 billion in 2,559 total deals.
“We reckon that surprise gains witnessed today will likely persist tomorrow, closing the year on a positive note,” the Cordros update affirmed.
