By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday rallied for the second straight day, with the all-share index (ASI) advancing by 0.25 percent to 25,739.00 points.
“Today’s performance increased the Month-to-Date gain to 1.83 percent, whilst trimming the Year-to-Date loss to 10.47 percent, according to Cordros daily market update.
The report says the Banking and Insurance indices advanced 0.36 percent and 0.26 percent each; bolstered by gains recorded in the shares of Nigeria’s top tier lenders, Zenith Bank Plc and Guaranty Trust Bank Plc with both appreciating 1.75 percent and 0.39 percent respectively. Insurers, AIICO Insurance Plc and Axa Mansard Insurance Plc gained by 3.51 percent and 0.61 percent apiece.
According to Cordros, following investors’ interest in the shares of Nigeria’s most capitalised listed company and cement producer, Dangote Cement Plc and paint maker, Portland Paints & Products Nigeria Plc both gained 1.16 percent and 4.59 percent each, led to the advancement of the Industrial Goods index by 0.65 percent.
On the flipside, the Oil & Gas index depreciated by 0.62 percent to emerge the biggest loser in today’s session, following selloffs in the shares of top oil marketers, Total Nigeria Plc and Mobil Nigeria Plc; both declined by 9.08 percent and 5.00 percent apiece.
Also, the Consumer Goods index dropped by 0.51 percent to close lower, following losses in the shares of soap and detergent producer, Unilever Nigeria Plc and Nigeria’s top brewer, Guinness Nigeria Plc; both lost by 4.17 percent and 1.07 percent respectively.
At the close of the session on the Nigerian bourse, market breadth was almost even, with 19 gainers and 20 losers declared, according to data from the NSE. Forte Oil Plc emerged the topmost gainer with a gain of N8.95, while Total Nigeria topped the losers list with a loss of N27.56.
In terms of turnover, total volume traded on the Nigerian equities market decreased by 35.10 percent to 165.00 million shares, valued at N1.27 billion and traded in 2,485 deals.
“We expect the positive sentiments to be sustained in tomorrow’s session,” the Cordros update affirmed.
