Nigerian Bourse Rebounds, As NSE Index Up 0.2%

NSE, Market capitalisation , The Exchange

Lagos – The Nigerian equities market yesterday reversed a two-day downtrend as the All Share Index (ASI) advanced 0.2 per cent to 36,732.24 points while YTD return increased to 36.7 per cent.

Consequently, market capitalisation added N27.3 billion to settle at N12.6 trillion. The positive performance was majorly due to buy interest in Nigerian Breweries (+0.6%), Nestle Nigeria (+0.7%) and Stanbic IBTC (+2.9%).

In the same vein, activity level improved as volume and value traded spiked 31.9 per cent and 73.1 per cent to 443.7 million units and N3.2 billion respectively.

Performance across sectors was bullish as all indices, save for the banking index which was dragged 0.3 per cent lower due to depreciation in Guaranty Trust Bank  (-0.7%) and Union Bank Nigeria (-4.2%), closed in the green.

The Insurance index appreciated the most, up 2.1 per cent against the backdrop of sustained interest in Mansard Insurance (+6.5%) and Linkage Assurance (+5.0%).

Similarly, the Consumer Goods index trailed, rising 0.6 per cent following a rally in Nigerian Breweries (+0.6%) and Nestle Nigeria (+0.7%). Likewise, the Oil & Gas index was nudged 0.2 per cent higher owing to renewed appetite in Forte Oil  (+2.0%) while the industrial goods index closed flat.

However, investor sentiment strengthened as the market breadth improved to 2.5x (from 1.1x recorded yesterday) after 30 stocks advanced against 12 decliners.

Diamond Bank just like on Wednesday emerged the most traded equity on Thursday with an exchange of 308.845 million shares worth N304.408 million.  It was followed by United Bank for Africa which traded 25.794 million shares valued at N237.148 million; Zenith Bank sold 22.928 million shares valued at N579.253 million, Transnational Corporation sold 14.132 million shares valued at N20.360 million, while Fidelity Bank exchanged 9.599 million shares worth N13.473 million.

The post Nigerian Bourse Rebounds, As NSE Index Up 0.2% appeared first on Independent News Nigeria.

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Author: Bamidele Ogunwusi