By InvestAdvocate
Lagos (INVESTADVOCATE)-Equities on the Nigerian Stock Exchange (NSE) extended its bullish momentum on Wednesday as the all-share index (ASI) rose marginally 0.04 percent to close at 25,464.94 points, while market capitalisation increased by N388.65 billion to N8.76 trillion.
The positive sentiments is across the Consumer Goods counters as today’s performance increased the ASI’s Month-to-Date gain to 0.63 percent and cut the Year-to-Date loss to 11.09 percent, Cordros daily market update affirmed.
According to the report, the Consumer Goods sector climbed up by 0.49 percent; emerging the sole-gainer on the increase recorded in the shares of beermaker, Nigerian Breweries Plc by 1.32 percent.
On the contrary, the Cordros update says the Banking, Oil & Gas and Industrial Goods indices shed weight by 0.31 percent, 0.03 percent and 0.01 percent apiece on the dismay performance reported in the shares of Nigeria’s top tier lender Guaranty Trust Bank Plc 0.92 percent, oil marketer, Oando Plc 0.03 percent and cement producer, Ashaka Cement Plc losing by 0.01 percent respectively.
Similarly, the Insurance index dipped by 0.46 percent, following losses recorded in the shares of insurer, AIICO Insurance Plc 4.76 percent and reinsurer, Continental Reinsurance Plc by 1.11 percent.
At the close of today’s trading on the Nigerian bourse, market breadth remained negative, with 14 gainers and 21 losers posted, according to the NSE’s daily market statistics.
Electronic transaction switching and payment processing firm, eTranzact International Plc emerged the top gainer for the second consecutive session with a gain of 0.29 kobo per share; while Paint producer, Portland Paints and Products Nigeria Plc topped the losers chart still for the second straight session with a loss of 0.29 kobo per share to close the day.
In terms of turnover, total volume traded on the Nigerian equities market climbed by 14.46 percent to 202.99 million shares valued at N885.63 million and traded in 3,320 deals.
“We expect gains to come in higher in tomorrow’s session, as positive sentiments remain evident,” the Cordros update added.
