Nigerian Equities Rebound on Renewed Bargain Hunting, ASI up 0.91%

NSE Corporate Challenge

By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian equities market on Thursday rebounded after two (2) successive sessions of loss, as all-share index (ASI) climbed up 0.91 percent to close at 25,865.06 points, while market capitalisation grew by N80.67 billion to N8.90 trillion.

“Today’s positive performance extended the Month-to-Date gain to 3.20 percent and pared the Year-to-Date loss to 9.70 percent,” Cordros daily market update affirmed.

The update says this is coming on the heels of positive investor interest across major counters as the Banking and Oil & Gas indices appreciated 1.43 percent and 3.67 percent on gains recorded in the shares of Nigeria’s tier one lenders, Zenith Bank Plc and Guaranty Trust Bank Plc by 1.45 percent and 0.76 percent respectively, while oil marketing majors, Total Nigeria Plc and Forte Oil Plc gained 6.11 percent and five (5) percent each.

Similarly, the Consumer Goods and Insurance indices gained 1.35 percent and 0.97 percent apiece on the back of price appreciations in the shares of brewing giant, Nigerian Breweries Plc and insurer, Axa Mansard Insurance Plc by 2.54 percent and five (5) percent respectively.

On the flipside, the Industrial Goods index declined by 0.49 percent, owing to a loss recorded in the shares of Lafarge Wapco Cement Plc by 1.45 percent.

At the close of the session on the Nigerian bourse, market breadth remained positive, with 37 gainers and 11 losers posted, according to the Nigerian Stock Exchange (NSE) daily market statistics.

For the third consecutive session, Tiger Branded Consumer Goods Plc emerged the top gainer with a gain of 0.51 kobo per share, while Fast Moving Consumer Goods (FMCG) firm, Flour Mills Nigeria Plc topped the losers chart with a loss of N1.18 per share.

In terms of turnover, total volume traded on the Nigerian Equities Market increased by 31.99 percent to 264.94 million shares, valued at N1.49 billion, and traded in 3,457 deals.

“We expect today’s gains to be sustained in the coming session, as investor appetite appears strengthened,” the Cordros daily update affirmed.

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