Equities market posts sixth-day gain despite negative breath

The Nigerian equities sustained previous day’s performance, as the All-Share Index (ASI) recorded a sixth consecutive gain, having advanced by 0.30 per cent

This is coming despite an unimpressive market breadth, as the market recorded 21 losers against 16 gainers. Cornerstone Insurance topped the losers’ list by ten per cent and 9.7 per cent decline, while Caverton and Cutix were the largest gainers of the day after advancing by 9.9 per cent and 9.8 per cent respectively.

On Tuesday, the ASI of the Nigerian Stock Exchange (NSE) advanced by 0.3 per cent to close at 35,147.62 points.

Accordingly, Month-to-Date and Year-to-Date return increased to +15.1 per cent and +30.9 per cent, respectively.
Analysing by sectors, the Banking and Oil & Gas indices recorded gains after 2.3 per cent and 0.2 per cent respective increase, while the Insurance and Consumer Goods indices declined by 1.2 per cent and 0.2 per cent. The Industrial Goods index closed flat.

However, market turnover closed negative as volume dropped by 25.83 per cent as against 118.38 per cent uptick recorded in the previous session.

Specifically, the total volume of trades decreased to 308.18 million units, valued at N3.40 billion, and exchanged in 4,515 deals.

Access Bank was the most traded stock by volume at 43.47 million units while Guaranty Trust Bank was the most traded stock by value at N859.15 million.

Also, FBN Holdings, Seplat and Nestle Nigeria were the most active to boost market turnover.

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