By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The bulls on Tuesday resurfaced on the Nigerian Stock Exchange (NSE) as the benchmark index advanced by 1.33 percent to close at 28,209.93 points.
This is coming on the heels of the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) retaining benchmark interest rate at 14 percent and cash reserve ratio (CRR) at 22.5 percent.
“Today’s positive performance increased the Month-to-Date gain to 2.21 percent and trimmed the Year-to-Date loss to 1.51 percent respectively, according to Cordros daily market update.
The update reports that at the close of the session on the domestic bourse, the Industrial Goods and Oil & Gas indices gained by 1.98 percent 1.28 percent each, on the back of price appreciations in the shares of cement producer and Nigeria’s most capitalised listed company, Dangote Cement Plc and oil marketer, Total Nigeria Plc both gaining 3.85 percent and 2.48 percent respectively.
Also, the Banking and Insurance indices climbed up by 0.13 percent and 0.43 percent each and indices were bolstered by positive interest in the shares of Nigeria’s tier one lender, Zenith Bank Plc and insurer, Nem Insurance Plc both appreciating by 0.48 percent and 4.88 percent apiece.
On the contrary, the Consumer Goods index dipped by 0.07 percent and closing lower, following selloffs in the shares of beer producer, Nigerian Breweries Plc and conglomerate, UAC of Nigeria Plc both declining by 0.01 percent and 3.58 percent each.
Cordros reports that market breadth was positive with 15 gainers and 14 losers posted, according to daily market statistics released by the NSE. Conoil Plc continued to maintain its gaining streak with a gain of N3.59 per share; while insurer, AIICO Insurance Plc emerged the top loser with a loss of 0.03 kobo per share to close the session.
In terms of turnover, total volume traded at the close of the session on the Nigerian equities market fell by 29.48 percent to 231.46 million shares, valued at N2.49 billion, and traded in 3,452 deals.
“We expect sentiments to remain positive in tomorrow’s session,” the Cordros update affirmed.
