By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Tuesday commenced the month of November on a positive note as the all-share index (ASI) advanced by 0.12 percent to close at 27,252.48 points.
“Today’s gain pared the Year-to-Date loss to 5.01 percent, according to Cordros daily market update.
The update says at the close of trading on the domestic bourse, the Banking and Consumer Goods indices appreciated by 0.39 percent and 0.03 percent apiece, following gains recorded by Nigeria’s top tier lenders, Guaranty Trust Bank Plc, Zenith Bank Plc and financial HoldCo, FBN Holdings Plc by 1.28 percent, 0.75 percent and 3.33 percent apiece.
Brewer, Guinness Nigeria Plc, soap and detergent producer, PZ Cussons Nigeria Plc and Flour Mills Nigeria Plc all gained by 2.61 percent, 1.43 percent and 0.52 percent respectively.
The Insurance index gained by 0.11 percent, benefitting in price increase in the shares of reinsurer, Continental Reinsurance Plc by 0.92 percent. A selloff in the shares of oil marketing company, Oando Plc depreciating by 4.86 percent weighed on the Oil & Gas index to loss by 0.46 percent, while the Industrial index closed flat.
At the close of the session, market breadth turned positive, with 17 gainers and 16 losers declared according to data from the NSE.
In terms of turnover, total volume traded on the Nigerian equities market eased 14.69 percent to N187.60 million shares, valued at N1.31 billion, and traded in 3,065 deals.
“We expect the bears to resurface in tomorrow’s session, given no significant positive catalyst capable of sustaining today’s gain,” the Cordros report said.
