By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian equities rebounded Thursday on resumed bargain hunting as all-share index (ASI) climbed up 0.44 percent to close at 24,746.16 points, while market capitalisation grew by N37.20 billion to N8.51 trillion.
“Today’s performance pared the Month-to-Date and Year-to-Date losses to 2.21 percent and 13.60 percent respectively, according to Cordros daily market update.
As bulls dominated the Nigerian Stock Exchange (NSE); halting a 5-day losing spree, Cordros reports that sentiments were positive across all sector indices.
It reported the Banking and Industrial Goods indices appreciated 1.36 percent and 0.57 percent each, benefitting from price increase in the shares of Nigeria’s top tier lenders, Guaranty Trust Bank Plc and Zenith Bank Plc by 2.49 percent and 1.82 percent apiece; while Nigeria’s most capitalised quoted company and cement producer, Dangote Cement Plc gained 0.16 percent, also Lafarge Wapco Cement Nigeria Plc increased by 1.32 percent.
Similarly, the Consumer Goods sector climbed up by 0.24 percent and boosted by the positive performance in the shares of beermaker, Nigerian Breweries Plc 0.45 percent and soap and detergent producer, Unilever Nigeria Plc moving up 1.04 percent.
In the same vein, Cordros reports that investor interest in shares of insurer, Axa Mansard Insurance Plc and Oando Plc appreciated 4.62 percent and 1.77 percent apiece, to push up the Insurance and Oil & Gas indices by 0.30 percent and 0.80 percent accordingly.
The update says at the close of today’s trading on the Nigerian bourse, market breadth turned positive, with 24 gainers and 18 losers posted, according to the NSE’s daily market statistics.
Agriculture / Agro-Allied firm, Okomu Oil Palm Company Plc emerged the top gainer with a gain of N3.30, while insurer, Law Union & Rock Insurance Plc topped the losers chart with a loss of 0.06 kobo per share.
In terms of turnover, total volume traded on the Nigerian equities market rose by 67.20 percent to 271.66 million shares valued at N1.61 billion and exchanged in 2,988 deals.
“Activities across board today indicate renewed investor sentiment, which we expect to be sustained in tomorrow’s session,’ the Cordros update added.
