Lagos (INVESTADVOCATE)-Bulls on Wednesday sustained a three-day momentum on the Nigerian Stock Exchange (NSE) as the all-share index (ASI) gained 0.64 percent to close at 24,135.40 basis points, while market capitalisation increased by N58.01 billion to N8.30 trillion.
Cordros daily market update says with this trend, Month-to-Date (M-t-D) gain on the Nigerian bourse increased to 0.92 percent; while Year-to-Date (Y-t-D) loss reduced to 15.72 percent.
According to the update, all sector indices closed positive – except the Consumer Goods index with a loss of 0.48 percent, which tapered following a price decline in the shares of food and beverage producer, Nestle Nigeria Plc with a decline of 0.71 percent.
On the positive side, the Oil & Gas index climbed up by 1.19 percent on the back of appreciations in the shares of oil marketing firm, Mobil Nigeria Plc with a gain 5.00 percent and the first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc with a gain of 4.00 percent.
Similarly, the Cordros update says gains in the shares of Nigeria’s top tier lender, Guaranty Trust Bank Plc by 3.05 percent and financial Holdco, FBN Holdings Plc by 3.44 percent moved the Banking sector higher by 0.88 percent.
In the same vein, the Industrial Goods and Insurance indices grew by 0.77 percent and 0.16 percent respectively, owing to price increases in the shares of cement manufacturer, Dangote Cement Plc and reinsurer, Continental Reinsurance Plc by 1.52 percent and 2.04 percent respectively.
At the close of today’s trading on the local bourse, market breadth remained positive, with 20 gainers and 14 losers recorded. Financial Holdco, FCMB emerged the top gainer with a gain of 0.07 kobo per share; while soda maker, SevenUp Bottling Company Plc topped the losers chart with a loss of N9.19 per share.
In terms of turnover, total volume traded on the Nigerian equities market leaped by 89.23 percent to 320.75 million shares valued at N1.82 billion in 3,178 deals.
“We expect modest gains to continue in the coming session, given the prevailing bullish sentiments,’ the Cordros update affirmed.
