By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The bulls on Wednesday returned to the Nigerian Stock Exchange (NSE) as all-share index (ASI) climbed up by 0.41 percent to close at 26,763.86 points, while market capitalisation added N19.75 billion to N9.19 trillion.
“Today’s gain extended the Month-to-Date gain to 6.79 percent and cut the Year-to-Date loss to 6.56 percent, Cordros daily market update affirmed.
According to the update at the close of the session, the Banking sector closed positive by 1.73 percent, following price appreciations in the shares of Nigeria’s top tier lenders, Zenith Bank Plc and Guaranty Trust Bank Plc by 4.02 percent and 2.68 percent each.
In the same vein, the Consumer Goods index gained 0.35 percent, benefitting from positive investor interest in the shares of top brewer, Nigerian Breweries Plc by 1.98 percent.
On the flipside, selloffs in the shares of cement producers, Lafarge Cement Wapco Nigeria Plc and Dangote Cement Plc caused the companies to lose 0.68 percent and 0.01 percent apiece, weighed down on the Industrial Goods sector by a loss of 0.25 percent.
Insurers, Custodian & Allied Insurance Plc and Axa Mansard Insurance Plc lost by 4.50 percent and 3.67 percent respectively to impact negatively on the Insurance index by a loss of 0.38 percent.
Similarly, oil marketing majors, Oando Plc and Total Nigeria Plc depreciated by 3.10 percent and 0.59 percent each; weighing negatively on the Oil & Gas index by 0.45 percent.
At the close of today’s trading on the Nigerian bourse, market breadth was negative, with 22 gainers and 23 losers recorded in terms of equities. African Prudential Registrars topped the gainers chart with a gain of 0.14 kobo per share; while Tiger Branded Consumer Goods Plc emerged the top loser with a loss of 0.55 kobo per share.
In terms of turnover, total volume traded on the Nigerian Equities Market jumped by 69.38 percent to 670.80 million shares, valued at N2.06 billion, and traded in 3,976 deals.
“With no positive catalyst on the horizon, we do not see today’s gain being sustained in tomorrow’s session,” the Cordros update affirmed.
