By InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian stocks on Thursday sustained a two-day rally as all-share index (ASI) climbed up 1.51 percent to close at 23,686.67 basis points, coming on the performance in the shares of Banking and Consumer Goods sectors.
Similarly, market capitalisation increased by N120.94 billion to N8.15 trillion, reducing the Month and Year-to-Date losses each to 17.30 percent, according to Cordros daily market update.
“Today’s performance pushed the Week-to-Date higher by 0.73 percent,” Cordros added.
The report says the Consumer Goods and Banking indices gained 4.80 percent and 0.55 percent on shares price increases in food and beverage producers, Nestle Nigeria Plc and SevenUp Bottling Company Plc by 4.98 percent and 6.78 percent; while FBN Holdings Plc and Union Bank of Nigeria Plc climbed up by 10.25 percent and 9.94 percent respectively.
On the contrary, the Industrial Goods and Insurance sectors dipped 0.70 percent and 0.85 percent each on the back of losses recorded by cement manufacturer, Lafarge Cement WAPCO Nigeria Plc and insurer, Axa Mansard Insurance Plc by 1.76 percent and 5.00 percent respectively. However, the Oil & Gas index was unchanged from the previous session, according to Cordros.
At the close of today’s trading on the domestic bourse, market breadth sustained a positive outlook, recording 29 gainers and 14 losers. Financial sector power house FBNH emerged the top gainer with a gain of 0.41 kobo per share, while Fast Consumer Moving Goods (FCMG) Company, Honeywell Flour Mills Plc topped the losers chart with a loss of 0.15 kobo per share.
In terms of turnover, total volume traded decreased by 96.33 percent to close at 476.15 million shares, valued at N3.64 billion in 5,398 total deals.
“We expect a marginal upside tomorrow as investors continue to take advantage of the low prices of equities,” the Cordros update affirmed.
