By InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian stocks on Thursday extended its gain for the third consecutive day as all-share index (ASI) climbed up 0.50 percent to close at 24,909.88 points, while market capitalisation rose by N42.97 billion to N8.57 trillion.
“Today’s performance further pared the Month-to-Date and Year-to-Date losses to 1.57 percent and 13.03 percent respectively,” the Cordros daily market update affirmed.
The update says investors were broadly bullish across major sectors. The Banking and Insurance sectors grew 1.47 percent and 0.63 percent apiece benefitting from price appreciations in the shares of Nigeria’s top tier lender, Zenith Bank Plc, financial HoldCo, FBN Holdings Plc by 2.80 percent and 0.30 percent each. While insurers, AIICO Insurance Plc and Axa Mansard Insurance Plc gained by 4.17 percent and 2.86 percent respectively.
In the same vein, the Consumer and industrial Goods indices appreciated 0.66 percent and 0.04 percent each following respective gains recorded in the shares of beermaker, Nigerian Breweries Plc by 1.82 percent and cement producer, Cement Company of Northern Nigeria Plc by 4.96 percent.
Similarly, Cordros reported that positive investor interest in the shares of oil marketing firm, Oando Plc and Mobil Nigeria Plc by 4.65 percent and 3.36 percent, also, first Nigerian dual listed oil and gas upstream firm, Seplat Petroleum Development Company Plc gained 0.30 percent equally led to the Oil & Gas index to close in green by 0.71 percent.
At the close of trading on the Nigerian bourse, market breadth remained positive, with 26 gainers and 17 losers posted, according to the Nigerian Stock Exchange (NSE) daily market statistics. Tiger Branded Consumer Goods Plc emerged the top gainer with a gain of 0.26 kobo per share; while primary mortgage firm, Union Homes Savings & Loans Plc topped the losers chart with a loss of 0.41 kobo per share.
In terms of turnover, total volume traded climbed by 12.26 percent to 178.78 million shares, worth N1.18 billion, and traded in 3,223 deals.
“Despite persisting macroeconomic challenges, we expect current sentiments to persist in tomorrow’s session, as investor confidence appears strengthened,” the Cordros update added.
