September 7, 2017

By InvestAdvocate

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Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday closed positive for the second consecutive session, with the all-share index (ASI) surging further by 1.42 percent to 36,116.19 points.

“Activity today was driven by interest in the Industrial and Consumer Goods stocks,” according to Cordros daily market update.

The Cordros report said following the session’s performance, the Month-to-Date and Year-to-Date returns advanced to 1.72 percent and 34.39 percent, respectively.

It affirmed that the Industrial Goods and Consumer Goods sectors gained 2.88 percent and 1.00 percent apiece, following demand for the shares of cement producers, Dangote Cement Plc and Lafarge Cement Wapco Plc both appreciated by 4.73 percent and 1.33 percent respectively.

Similarly, Nigeria’s top tier brewers, Nigerian Breweries Plc and Guinness Nigeria Plc also climbed up 0.77 percent and 10.23 percent each.

On the flip-side, the Oil & Gas and Baking indices closed lower 2.87 percent and 0.26 percent apiece and driven by sell-offs in the shares of first dual listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc, top tier lender, Zenith Bank Plc and insurer, Nem Insurance Plc, the trio depreciating by 5.00 percent, 0.04 percent and 3.81 percent each.

Cordros reports however, market breadth remained negative with 22 losers and 19 gainers, led by SEPLAT 5.00 percent and GUINNESS 10.23 percent respectively.

According to the Cordros update, total volume traded declined by 20.99 percent to 222.7 million units, valued at N4.17 billion, and exchanged in 4,622 deals.

“We expect gains to extend in tomorrow’s session as bargain hunting persists,” the report added.

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