Nigeria’s market records more gains

Twenty seven equities on the Nigerian Stock Exchange extended gains today with the banking stocks leading the way. Out of every three stocks that changed in price in the broad market, two closed in positive territory, the CSL has reported.

The Nigerian Stock Exchange All-share index (NSEASI) has advanced strongly in the last three sessions (up 1.49%) as activity level improved after weak volumes that characterized trading earlier in the month.

The NSE Banking index posted the best return among the market sector indices. The index advanced 66 basis points after ten bank counters ended the session stronger. Skye bank (-0.74%) was the sole decliner in the sector while Guaranty, First bank and Fidelity led gains. Other sector advancers were Diamond, UBA, FCMB, UBN, Zenith, Access and IBTC.
Custody Insurance advanced 242 basis points to add 28 basis points to the NSE Insurance index at the closing bell.

It was a mixed performance on the consumer space. The NSE Food & beverage sector index slid 23 basis points. PZ, Nascon, Unilever and Dangote sugar declined on the day to counter the tepid gain recorded by Cadbury and Dangote flour.

In the broad market, the NSE ASI appreciated 40.45 points to close at 23,531.62 while the market capitalization increased by $0.08 billion to close at US$46.81 billion (N7.490 trillion).

Value traded decreased 26 per cent to N1.753 billion ($10.96 million) from N2.357 billion ($14.73 million) penultimate day.

The top five traded stocks on the value chart were Nigerian Breweries, Zenith bank, Guaranty, First bank, Access and RT Briscoe.