By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Wednesday sustained its bullish momentum following buying interest across all the major sectors as the all-share index (ASI) climbed up 0.39 percent to close at 27,599.03 points.
The positive trend is coming despite a stream of disappointing Q2-2016 economic data (e.g. negative GDP growth, declining capital importation, rising unemployment rate and up trending July inflation) that hit the market on Wednesday, according to Cordros daily market update.
“Today’s performance trimmed the Month-to-Date and Year-to- Date losses to 1.47 percent and 3.64 percent respectively, “the Cordros report affirmed.
At the close of the session, the Oil & Gas and Insurance indices gained by 2.71 percent and 1.06 percent respectively, as the shares of first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc and oil marketer, Oando Plc appreciated 10.25 percent and 0.61 percent each. While insurer, Axa Mansard insurance Plc and reinsurer, Continental Reinsurance Plc gained by 4.00 percent and 3.13 percent apiece and attracted investor interest.
Cordros reports that following suit, is the Banking and Consumer Goods indices moving up by 0.43 percent and 0.27 percent, driven by gains recorded in the shares of lender, Guaranty Trust Bank Plc and financial HoldCo, FBN Holdings Plc by 1.53 percent and 1.67 percent each. Similarly, Brewing giants, Nigerian Breweries Plc and Guinness Nigeria Plc gained by 0.01 percent apiece
In the same vein, the Industrial Goods index increased by 0.12 percent to close in green, on the back of a price appreciation in the shares of cement producer and Nigeria’s most capitalised listed company, Dangote Cement Plc which gained by 0.22 percent.
At the close of the session on the Nigerian bourse, market breadth remained negative, with 16 gainers and 20 losers, according to daily market statistics from the NSE. Seplat emerged the top gainer with a gain of N28.18 per share; while construction giant, Julius Berger Nigeria Plc topped the losers chart with a loss of N4.70 per share.
In terms of turnover, total volume traded on the Nigerian equities market rose by 14.11 percent to 262.61 million shares, valued at N4.88 billion, and traded in 3,302 deals.
“We expect bullish sentiments to persist in tomorrow’s session, as today’s activities (e.g. gains across all major sectors) indicate strengthened appetite,” the Cordros report added.
