By InvestAdvocate
Lagos (INVESTADVOCATE)-The bulls on Wednesday sustained its hold on the Nigerian equities market as the all-share index (ASI) climbed up by 2.25 percent to close at 25,396.83 basis points, while market capitalisation expanded by N191.53 billion to N8.74 trillion.
Cordros daily market update reported that this is coming as a result of yet another impressive rally in the shares of most capitalised listed company in Nigeria, Dangote Cement Plc (DANGCEM), extending gains on the domestic bourse to the fifth consecutive session.
“Today’s gain increased the Month-to-Date gain to 3.36 percent and further eased the Year-to-Date loss to 11.33 percent, the Cordros update affirmed.
According to the report, the Industrial Goods sector appreciated 4.14 percent on the back of DANGCEM’s 7.51 percent price increase.
Similarly, the Banking, Insurance and Consumer Goods indices grew by 1.88 percent, 1.12 percent and 0.02 percent respectively and driven by gains in the shares of Nigeria’s top tier lender, Guaranty Trust Bank Plc by 0.57 percent, insurer, AIICO Insurance Plc gaining 3.85 percent and beer producer, Nigerian Breweries Plc moving higher by 0.47 percent.
On the contrary, the Oil & Gas index declined by 2.37 percent on the price depreciation in the shares of oil marketers, Total Nigeria Plc and Forte Oil Plc by five (5) percent apiece.
At the close of the day’s session on the Nigerian bourse, market breadth remained positive, with 21 gainers and 15 losers posted. Tiger Branded Consumer Goods Plc for the second straight day emerged the top gainer with a gain of 0.14 kobo per share, while drugmaker, Fidson Healthcare Plc topped the losers chart with a loss of 0.24 kobo per share.
In terms of turnover, total volume traded on the Nigerian equities market surged by 72.21 percent to 275.09 million shares worth at N1.64 billion and traded in 3,344 deals.
“We expect gains to continue in tomorrow’s session,” the Cordros update added.
