June 5, 2018

By InvestAdvocate

Lagos (INVESTADVOCATE)-The bulls on Tuesday remained dominant in the Nigerian equities market as the all-share index (ASI) surged by 2.46 percent — largest gain since the spring of the January-rally on January 11th — to 37,854.92 points, amidst a broader bargain hunting across major sectors, according to Cordros daily market update.

“Accordingly, the Month-to-Date and Year-to-Date losses moderated further to -0.66 percent and -1.02 percent respectively, ” the Cordros report added.

At the close of the sessions trading on the Nigerian Stock Exchange (NSE) the Industrial Goods index gained +3.21 percent, Consumer Goods  up by +2.70 percent and Insurance index appreciating 0.24 percent apiece.

Also on the gaining streak is the Banking sector which rose +3.19 percent to close in the green, while returns in the Oil & Gas counters dropped -0.56 percent.

Cordros reports that notable stocks after the session’s trading on the domestic bourse include cement manufacturer, Dangote Cement Plc, beer producer, Nigerian Breweries Plc both surged +2.24 percent and 5.00 percent each; also Insurer, Wapic Insurance Plc and FBH Holdings Plc both gained +4.26 percent and 4.76 percent; while oil marketer, Total Nigeria Plc declined by -4.31 percent respectively.

At the close of the session’s trading, market breadth turned positive with 39 gainers and 15 losers posted, led by Oando Plc with +9.84 percent gain, while Hallmark Insurance Plc lost by -6.67 percent to emerge the worst loser of the session.

Cordros reports that total volume of trades increased by 8.03 percent to 339.68 million units, valued at N5.96 billion down -15.20 percent and exchanged in 4,436 deals.

“In our view, gains are likely to extend on the bourse, following the elongated bearish run of the market which ended last week. More so, still-strengthened macroeconomic fundamentals and attractive prices of value stocks remain supportive of gains,” the report affirmed.