By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian bourse on Wednesday snapped its eight-day losing streak as rallies in large-cap stocks lifted the index by 3.91 percent to close at 23,335.01 basis points, according to Cordros daily market update.
In the same vein, the update affirmed that market capitalisation increased by N302.19 billion to N8.03 trillion, reducing the Month and Year-to-Date losses each to 18.53 percent.
It reported that four (4) of the five (5) sector indices appreciated. According to Cordros, the Banking index recorded the most impressive performance appreciating 8.07 percent on the gains in the shares of financial services powerhouse, FBN Holdings Plc and Nigeria’s top tier lender, Zenith Bank Plc by 10.19 percent and 10.16 percent respectively.
The update says that the Industrial and Consumer Goods indices followed suit with 3.99 percent and 2.86 percent gains respectively on the share performance of Cement producers, Lafarge Cement WAPCO Nigeria Plc and Dangote Cement Plc all surging up 4.34 percent and 4.36 percent accordingly.
On the part of the Consumer Goods, performance of beverage maker, Nestle Nigeria Plc and beermaker, Nigerian Breweries Plc with gains of 5.00 percent and 3.12 percent respectively boosted the sector.
Similarly, the Insurance sector gained 0..49 percent on the share price increase of insuers, AIICO Insurance Plc and Law Union and Rock Insurance Plc both appreciating by 3.85 percent and 4.69 percent respectively.
On the contrary, only the Oil & Gas index dipped by 0.16 percent on the back of losses recorded by shares of first listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc by 5.00 percent.
At the close of trading on the Nigerian Stock Exchange (NSE) market breadth posted a positive, outlook with 39 gainers and eight (8) losers. FBN Holdings topped the gainers chart with a gain of 0.37 kobo per share; while Honeywell Flour Mills Plc emerged the top loser with a loss of 0.17 kobo per share.
In terms of turnover, total volume traded decreased by 5.42 percent to close at 242.53 million shares, valued at N1.58 billion in 3,865 total deals.
“Today’s rally justifies yesterday’s predictions of increased optimism from investors. Although, macroeconomic concerns still remain, we expect today’s gains to serve as a confidence booster in the coming sessions,” the Cordros update affirmed.
