Local stock market reverses losses with +1.8 per cent

Equities trading at the Nigerian Exchange Limited, on Thursday, closed higher by 1.8 per cent to reverse the previous day loss.

The positive sentiments were influenced by a late interest in bellwethers, Dangote Cement and MTN Nigeria despite the market trading negative for most of the day.

However, precisely, the benchmark index inched higher by 1.8 per cent to close at 39,461.61 basis points.
Consequently, the Month-to-Date gain increased to +1.1 per cent, while Year-to-Date loss moderated to -2.0 per cent.

As measured by market breadth, market sentiment was positive as 22 tickers gained, relative to 17 losers.

On the performance chart, Fidson Pharmaceutical and Julius Berger were the top gainers of the day as their share value advanced by ten per cent respectively, while CWG and Mutual Benefits were the top losers of the day after depreciating by 9.8 per cent and 7.5 per cent respectively.

Sectoral performance was however mixed, as the Industrial Goods and Insurance indices gained 3.6 per cent and 1.4 per cent respectively, while the Banking and Consumer Goods indices declined by 1.4 per cent and 0.2 per cent respectively. The Oil & Gas index traded flat.

Activities at the local bourse went uptick as the total volume of trades increased by 4.3 per cent to 270.68 million units, valued at N2.03 billion, and exchanged in 3,897 deals.

FBN Holdings was the most traded stock by volume and value at 51.52 million units and N359.83 million, respectively.

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Local stock market reverses losses with +1.8 per cent