By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Thursday sustained its bullish momentum as all-share index (ASI) climbed up 1.65 percent to close at 25,816.29 basis points, while market capitalisation expanded by N144.29 billion to N8.89 trillion.
Cordros daily market update said the domestic bourse advanced on sustained rally once again in the shares of Nigeria’s most capitalised listed company and cement producer Dangote Cement Plc (DANGCEM) which gained five (5) percent.
“Today’s gain further increased the Month-to-Date gain to 5.07 percent and pared the Year-to-Date loss to 9.87 percent,” the Cordros update affirmed.
According to the report, the Industrial Goods index grew by 2.98 percent and maintained the gainers lead on the back of another rally in the shares of DANGCEM by five (5) percent.
The report says investors also remained bullish about the Banking and Insurance indices appreciating 1.70 percent and 0.85 percent respectively on the gains recorded in the shares of Nigeria’s top tier lender, Zenith Bank Plc and insurer, AIICO Insurance Plc by 2.67 percent and 1.23 percent apiece.
On the contrary, price declines in the shares of beer producer, Nigerian Breweries Plc by 3.73 percent and first Nigerian dual listed oil and gas upstream firm, Seplat Petroleum Development Plc losing by 0.79 percent weighed down on the Consumer Goods and Oil and Gas sectors by 1.14 percent and 0.02 percent respectively.
At the close of today’s trading on the Nigerian bourse, market breadth remained positive with 23 gainers and 10 losers, according to the NSE’s daily stock market statistics. Lender, Diamond Bank Plc emerged the top gainer with a gain of 0.14 kobo per share, while soft drink producer, SevenUp Bottling Company Plc topped the losers chart with a loss of N8.50 kobo per share.
In terms of turnover, total volume traded on the Nigerian equities market, climbed by 15.41 percent to 317.48 million shares worth N2.27 billion and traded in 3,335 deals.
“Given the sustained bullish momentum in the market, we expect gains to continue in tomorrow’s session,” the Cordros update affirmed.
