By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities on Wednesday rallied to halt a three day losing streak, as the all share index (ASI) advanced the market 0.07 percent to close at 27,522.62 points.
“Gains from today’s session trimmed the Month-to-Date and Year-to-Date losses to 0.28 percent and 3.91 percent respectively,” according to Cordros daily market update.
The update reported that at the close of the session, the Industrial Goods index closed higher by 1.20 percent, driven by a rebound in the shares of cement producer, Lafarge Cement Wapco Plc by a gain of 3.02 percent.
Similarly, the Banking and Consumer Goods indices appreciated by 0.24 percent and 0.10 percent each and were both buoyed by price gains in the shares of financial HoldCo, FBN Holdings Plc by 0.33 percent, Nigeria’s tier one lender, Access Bank Plc by 0.18 percent, beer producers, Nigerian Breweries Plc and Guinness Nigeria Plc climbed up by 0.14 percent and 1.96 percent respectively.
On the flipside, the Oil & Gas index declined by 1.03 percent to shed weight, following selloffs in the shares of oil marketers, Forte Oil Plc, Mobil Nigeria Plc and Total Nigeria Plc all losing 4.03 percent, 0.42 percent and 0.41 percent apiece. While the Insurance index dropped by 0.07 percent to close in the red as the shares of insurer, AIICO Insurance Plc declined 1.59 percent.
At the close of the session’s trading on the Nigerian bourse, market breadth was negative, with 17 gainers and 18 losers recorded, according to the Nigerian Stock Exchange (NSE) daily market statistics. Skye Bank Plc emerged the top gainer with a gain of 0.03 kobo per share; while soft drink maker, SevenUp Bottling Company Plc topped the losers chart with a loss of N7.24 per share.
In terms of turnover, total volume traded on the Nigerian equities market rose by 67.28 percent to 295.71 million shares, valued at N3.59 billion, and traded in 3,709 deals.
“We view today’s gain as a dead cat bounce and expect sentiments to reverse in tomorrow’s session,” the Cordros update affirmed.
