By InvestAdvocate
Click here to view full Cordros Daily Market Update
Lagos (INVESTADVOCATE)-The Nigerian equities market on Wednesday recorded a modest gain to close the trading session; with the all-share index (ASI) climbing by 0.07 percent to 25,301.23 points.
“Today’s performance trimmed the Month-to-Date and Year-to-Date losses to 0.11 percent and 5.85 percent respectively, according to Cordros daily market update.
Cordros reports at the end of the session on the Nigerian Stock Exchange (NSE), the Insurance index gained by 0.99 percent to record the largest gain, driven by a notable rally in the shares of reinsurer, Continental Reinsurance Plc which jumped 8.11 percent and has gained 12.83 percent since the release of its 2016 Financial Year End results with post-tax profit appreciating 45.54 percent year-on-year (y/y) as at Tuesday.
Likewise, the Banking, Consumer Goods and Industrial Goods indices gained by 0.11 percent, 0.13 percent and 0.07 percent apiece to record modest gains, owing to demand for the shares of Zenith Bank Plc and Stanbic IBTC which climbed up 2.83 percent and 2.78 percent each.
The shares of top brewer, Guinness Nigeria Plc and soap and detergent producer, Unilever Nigeria Plc appreciated 2.94 percent and 4.95 percent each; while cablemaker, Cutix Plc and cement manufacturer, Cement Company of Northern Nigeria Plc both gained by 3.33 percent and 4.65 percent respectively.
On the flipside, the Oil & Gas index declined by 0.85 percent to buck the trend, following price declines in the shares of oil marketing major, Forte Oil Plc and first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc both lost by 4.38 percent and 0.25 percent apiece.
At the close of the trading session on the Nigerian bourse, market breadth remained positive, with 19 gainers and 17 losers posted, according to data from the NSE. African Prudential Registrars Plc emerged the topmost gainer with a gain of 0.19 kobo per share, while Nigerian Aviation Handling Company Plc came up as the topmost loser with a loss of .10 kobo per share.
In terms of turnover, total volume traded increased by 2.64 percent to 233.78 million shares, valued at N2.16 billion, and exchanged in 3,196 deals.
“We expect the market to close lower in tomorrow’s session,” the Cordros update affirmed.
