Click here to read full report

By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday reversed Wednesday’s loss, with the all-share index (ASI) advancing 0.74 percent to close at 25,170.36 points.

Cordros daily market update reports that Thursday’s bullish performance trimmed the Month-to-Date and Year-to-Date losses to 0.63 percent and 6.34 percent respectively.

According to the report, the Industrial Goods and Insurance indices appreciated by 2.43 percent and 0.24 percent apiece, following demand for the shares of Dangote Cement Plc and NEM Insurance Plc both gained 5.00 percent and 4.82 percent each.

On the flip side, the Consumer Goods and Oil & Gas indices declined by 2.01 percent and 0.29 percent and driven by selloffs in the shares of Nigeria’s topmost brewer, Nigerian Breweries Plc and oil marketing major, Forte Oil Plc both declined by 6.75 percent and 3.18 percent respectively.

The Banking index lost by 1.29 percent to shed weight, owing to investors liquidating their holdings in the shares of United Bank for Africa Plc and Guaranty Trust Bank Plc both depreciated by 0.60 percent and 4.87 percent, as the latter’s full year result failed to impress investors.

At the close of the trading session, market breadth turned positive, with 16 gainers and nine (9) losers recorded, according to data from the Nigerian Stock Exchange (NSE). DANGCEM emerged the topmost gainer with a gain of N7.60 per share while, NB Plc became the topmost loser with a loss of N6.86 per share.

In terms of turnover, total volume traded on the domestic bourse declined by 1.29 percent to 215.90 million shares, valued at N2.19 billion, and exchanged in 3,279 deals.

“We expect the market to decline tomorrow,” Cordros affirmed.