By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday extended its rally, with the all-share index (ASI) gaining 0.57 percent to close at 26,599.01 points.
“Today’s positive performance increased the Month-to-Date gain to 4.84 percent and decreased the Year-to-Date loss to 7.51 percent,” according to Cordros daily market update.
The report says that although majority of the indices closed lower, a relatively strong gain in the Banking index by 3.12 percent was sufficient to bolster the benchmark index. Banking stocks in the spotlight were top tier Banks such as Guaranty Trust Bank Plc, Zenith Bank Plc and United Bank for Africa Plc all appreciated by 4.45 percent, 1.59 percent and 4.85 percent respectively.
On the flipside, Cordros reports the Oil & Gas index declined by 1.05 percent and recorded the biggest loss in what suggests that the oil price induced rally on this counter is waning as Mobil Oil Nigeria Plc lost by 5.00 percent and suffered the biggest loss, with Total Nigeria Plc and Forte Oil Plc also depreciating by 4.40 percent and 0.25 percent each.
According to the update, selloffs in Wapic Insurance Plc and beer producer, Nigerian Breweries Plc both declined by 3.85 percent and 0.73 percent apiece led to respective losses in the Insurance and Consumer Goods indices by 0.28 percent and 0.18 percent respectively, while the Industrial Goods index closed flat 0.00 percent.
At the close of the trading session on the Nigerian bourse, market breadth remained positive, with 21 gainers and 13 losers reported, according to data from the NSE. Honeywell Flour Mills Plc emerged the top gainer with a gain of 0.10 kobo per share; while Mobil Oil Nigeria Plc topped the losers table with a loss of N14.95 per share.
In terms of turnover, total volume traded on the Nigerian equities market declined by 2.64 percent to 199.98 million shares, valued at N1.50 billion and traded in 3,313 deals.
“We expect investors to remain upbeat in tomorrow’s session,” the Cordros update said.
