By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Tuesday rebounded as all- share index (ASI) rebounded 2.27 percent to close at 29,422 points an 8-month high since October 2015.
Similarly, market capitalisation increased by N224.21 billion to N10.11 trillion extending the Month-to-Date and Year-to-Date gains to 6.36 percent and 2.72 percent respectively, according to Cordros daily market update.
At the close of the session, the Banking and Insurance indices gained 3.52 percent and 1.35 percent apiece, on the back of positive investor interest in the shares of Nigeria’s tier one lenders Zenith Bank Plc, Guaranty Trust Bank Plc and Access Bank Plc all gaining 4.57 percent, 3.q13 percent and 5.17 percent.
On the Insurance index, Custodian and Allied Insurance Plc, Axa Mansard Insurance Plc and Continental Reinsurance Plc gained 3.74 percent, 4.76 percent and 3.64 percent respectively.
Similarly, price appreciations in the shares of Nigeria’s brewing giants, Guinness Nigeria Plc 4.10 percent, Nigerian Breweries Plc 0.76 percent, cement producers Lafarge Cement Wapco Nigeria Plc 3.87 percent and Dangote Cement Plc 2.78 percent, oil marketing majors, Oando Plc 2.43 percent and Total Nigeria Plc 1.30 percent respectively, buoyed the Consumer Goods (+1.58%), Industrial Goods (+3.01%) and Oil & Gas (+0.44%) indices.
Market breadth was positive, with 37 gainers versus 10 losers. Total volume traded rose by 28.00% to 533.32 million shares, valued at N6.79 billion, and traded in 5,736 deals.
“We expect bullish sentiments to persist in tomorrow’s session, as today’s activities indicate strengthened appetite,” the Cordros report affirmed.
