June 6, 2017
By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Wednesday sustained its bullish momentum for the third consecutive session gaining 1.53 percent across all sectors.
Similarly, market breadth index was positive with 41 gainers compared 16 stocks that declined, according to reports from InvestmentOne.
The update says at the close of the session’s trading on the domestic bourse, lender, Fidelity Bank Plc emerged the top gainer with a gain of +9.91 percent; while insurer, Guinea Insurance Plc was the worst performing stock.
Nigeria’s top tier lender, Zenith Bank Plc appreciated +3.51 percent to be adjudged the most actively traded with 110 million units of shares worth N3.09 billion.
In terms of sector performance, the NSE Industrial index advanced by 4.16 percent, due to the gains recorded in the shares of cement manufacturers, Lafarge Cement Wapco Nigeria Plc and Dangote Cement Plc both appreciating +9.35 percent and +0.88 percent respectively.
In the same vein, the NSE Consumer Goods index surged by 2.51 percent on the back of gains in the shares of Dangote Flour Mills Plc and Flour Mills of Nigeria Plc both gaining +9.09 percent and +5.78 percent each, while brewers, Guinness Nigeria Plc and Nigerian Breweries Plc both added +5.00 percent and +4.94 percent apiece, sugar refiner, Dangoe Sugar Refinery Plc gained +4.63 percent.
While the NSE Banking index grew by 1.15 percent following the buy interest in the shares of lenders, Fidelity Bank and Diamond Bank Plc; both increasing by +9.91 percent and +9.46 percent respectively. Also, Skye Bank Plc and Zenith Bank gained +4.11 percent and +3.51 percent each, FCMB Plc rose by +2.97 percent.
Still on the positive side, the NSE Oil & Gas index closed up by 0.63 percent largely driven by the advancements in the shares of oil marketing major, Oando Plc up by +9.70 percent, Japaul Oil & Maritime Services Plc gained +8.00 percent.
Also, Caverton Offshore Support Group Plc and Eterna Plc both climbed up by +4.95 percent and +4.91 percent each. Forte Oil Plc and Conoil Plc gained +4.23 percent and 2.20 percent respectively.
“Going forward, we expect the market to remain volatile in the absence of positive news flow. Despite today’s gain, we believe the market still offers decent entry opportunity for investors with a medium to longer term horizon,” the InvestmentOne update added.