By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Tuesday closed on a positive note as all-share index (ASI) gained 0.02 percent to close at 23,981.09 basis points, while market capitalisation increased by N1.37 billion to N8.25 trillion, according to Cordros daily market update.
Today’s marginal gain extended the Month-to-date gain to 0.27 percent, and paring the Year-to-Date loss to 16.27 percent, the update affirmed.
The report says at the end of trading on the Nigerian equities market, all but one (1) sector indices recorded gains. The Oil & Gas sector grew by 0.68 percent closing in the green on the performance of oil marketing firm, Mobil Nigeria Plc by 4.82 percent and the first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc by 2.04 percent
Similarly, the Consumer sector appreciated by 0.95 percent following gains in the shares of soap and detergent maker, Unilever Nigeria Plc by 4.99 percent and beer producer, Nigerian Breweries Plc gaining 0.90 percent.
In the same vein, Cordros reported a price increase in the shares of insurer, AIICO Insurance Plc by 4.71 percent which drove the Insurance sector to a gain of 0.34 percent higher; while the Industrial sector climbed up 0.02 percent recorded a marginal gain, following a modest appreciation in the shares of Cement manufacturers, Lafarge Cement Wapco Nigeria Plc which appreciated 0.06 percent.
On the contrary, the Banking sector dipped by 0.92 percent on account of price declines in shares of financial services Holdco, FBN Holdings Plc by 3.57 percent and Nigeria’s top tier lender Zenith Bank Plc by 1.10 percent.
At the close of the day’s trading on the Nigerian bourse, market breadth was marginally positive, with 19 gainers and 18 losers, according to the NSE’s daily market statistics. Lender, Sterling Bank Plc, emerged the top gainer with a gain of 0.14 kobo per share, while diversified company, operating in the food and beverages, real estate, paint and logistics sectors, UAC of Nigeria Plc topped the losers chart with a loss of N1.03 per share.
In terms of turnover, total volume traded dipped by 10.97 percent to 169.50 million shares valued at N1.52 billion in 3,020 deals.
“Despite waning investor’ appetite (evidenced by today’s marginal gain), we expect slight gains in the coming session, as valuations remain relatively attractive,” the Cordros daily market update affirmed.
