By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian bourse was lifted by 0.31 percent on Thursday as all share index (ASI) closed at 27,266.18 basis points, while market capitalisation increased by N29.38 billion to N9.38 trillion.
This is coming on the heels of the shares of cement producer, Dangote Cement Plc swinging back into the green territory; pairing the week, month and year-to-date loss to a 5.10 percent respectively, according to Cordros daily market update.
The update says the Industrial sector gained 2.06 percent following a late rally in Dangote Cement increasing by 4.27 percent.
On the contrary, Cordros reports that the Banking sector shed 2.05 percent following losses in the shares of top tier lenders, Access Bank Plc, United Bank for Africa Plc and Zenith Bank Plc all losing 4.98 percent, 4.85 percent and 3.32 percent respectively.
Similarly, the Consumer Goods index declined by 1.27 percent on the losses recorded in the shares of Dangote Sugar Refinery Plc, Tiger Branded Consumer Goods Plc and beer maker, Nigerian Breweries Plc all going down by 4.95 percent, 4.85 percent and 2.59 percent respectively.
In the same vein, the Oil & Gas and Insurance indices dipped 1.09 percent and 0.51 percent respectively on the back of losses in Oando Plc, 4.92 percent, first listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc 3.46 percent and Continental Reinsurance Plc 4.42 percent.
Market breadth at the close of trading on the Nigerian Stock Exchange (NSE) was significantly on the negative territory with only six (6) gainers and 30 losers recorded.
Multi-application and multi-channel electronic transaction switching and payment processing firm, eTranzact International Plc emerged top gainer with a gain of 0.15 kobo per share; while lender, Skye Bank Plc topped the losers chart with a loss of 0.12 kobo per share to end the day.
Total volume traded decreased by 17.92 percent to stand at 166.39 million shares valued at N1.67 billion in 2,917 total deals.
“We expect today’s gain to be short-lived as the negative market breadth is indicative of strong bearish sentiments,” the Cordros update affirmed.
