By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Equities Market on Thursday halted a three-day losing streak as the Nigerian Stock Exchange (NSE) all-share index (ASI) rebounded by 0.69 percent to close at 27,284.83 points, while market capitalisation rose by N64.10 billion to N9.37 trillion.
“Today’s rebound consequently pared the Month-to-Date and Year-to-Date losses to 1.37 percent and 4.74 percent respectively, Cordros daily market update affirmed.
According to Cordros, this is coming on the heels of bargain hunting across major counters as the Banking and Insurance indices climbed up 1.00 percent and 0.54 percent apiece, following price appreciations in the shares of Nigeria’s tier one lenders, Guaranty Trust Bank Plc and Zenith Bank Plc by 1.08 percent and 0.68 percent each; while insurer, Nem Insurance Plc and reinsurer, Continental Reinsurance Plc gained 4.55 percent and 3.81 percent respectively.
Similarly, the Consumer Goods and Oil & Gas indices appreciated by 1.66 percent and 0.25 percent through rallies in the shares of food and beverage producer, Nestle Nigeria Plc and Total Nigeria Plc by 8.98 percent and 4.99 percent apiece.
On the flipside, the Industrial Goods index declined by 0.01 percent, due to selloffs in the shares of cement manufacturers, Cement Company of Northern Nigeria Plc and Nigeria’s top brewer, Guinness Nigeria Plc by 1.96 percent and 0.04 percent each.
Cordros reports that at the close of the session on the local bourse, market breadth turned positive, with 18 gainers and 17 losers declared, according to the Nigerian Stock Exchange (NSE) daily market statistics.
Nigeria’s mid tier lender, Unity Bank Plc emerged the top gainer with a gain of 10 kobo per share; while, Courier and logistics firm, Red Star Express Plc topped the losers chart with a loss of 21 kobo per share.
In terms of turnover, total volume traded on the Nigerian bourse fell by 30.01 percent to 182.68 million shares, valued at N1.58 billion, and traded in 3,631 deals.
“With no positive catalyst on the horizon, we do not see today’s rebound being sustained in tomorrow’s session,” the Cordros update added.
