By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Wednesday rebounded driven by banking, consumer goods, oil & gas and industrial stocks which were highly sought after , gaining 0.25 percent to close at 27,880.46.
“Today’s proceedings trimmed the Month-to-Date and Year-to-Date losses to 0.46 percent and 2.66 percent respectively,” Cordros daily market update affirmed.
At the close of the session, Cordros reports that the Oil & Gas and Banking indices gained by 1.68 percent and 0.16 percent each, following price appreciations recorded in the shares of oil marketing major, Forte Oil Plc and Eternal Plc by 5.00 percent and 1.79 percent apiece.
Guaranty Trust Bank Plc and pan-African lender, Ecobank Transnational Incorporated appreciated 1.39 percent and 2.32 percent respectively.
Similarly, Cordros reports that price appreciations in the shares of cement manufacturer and Nigeria’s most capitalised listed company, Dangote Cement Plc and beermaker, Nigerian Breweries Plc climbed up by 0.28 percent and 1.01 percent each to boost the Industrial Goods and Consumer Goods indices by 0.15 percent and 0.11 percent respectively.
On the downside, the Insurance index declined by 0.25 percent, owing to losses recorded by reinsurer, Continental Reinsurance Plc by 4.26 percent.
At the close of the session on the Nigerian bourse, market breadth was neutral, with 17 gainers and losers apiece. Mid-tier lender, Wema Bank Plc emerged the top gainer with a gain of 0.06 kobo per share; while Diamond Bank Plc topped the losers chart with a loss of 0.11 kobo per share.
In terms of turnover, total volume traded on the Nigerian equities market increased by 26.36 percent to 230.29 million shares, valued at N2.96 billion, and traded in 3,002 deals.
“With investor interest resurfacing, especially in the Oil & Gas and Banking sectors, we expect another session of gains tomorrow,” the Cordros update affirmed.
