NSE ASI opens with 0.97% increase as investors gain N9bn

The equities market closed on Tuesday on a positive note as Nigerian Stock Exchange All Share Index (NSE ASI) appreciated by 0.97 per cent to close at 26,071.16 basis points from 25,817.69 basis points it closed on Friday.

The market only opened for trading on Tuesday as the Federal Government of Nigeria had declared Monday a public holiday to mark the birthday of Prophet Mohammed.

Accordingly, market value improved by N90 billion as market capitalisation rose to N8.97 trillion from N8.88 trillion the market closed on Friday.

Capital market analysts attributed today’s impressive performance to significant rally in oil and gas names, following a jump in crude oil prices to an 18-month high – supported by strong demand in Asia and supply cuts by Abu Dhabi, Kuwait and Qatar as part of production curbs organized by OPEC and other exporters.

Performance across sectors was mixed today as the Oil & Gas index surged 6.3 per cent on the back of increased buying interest in SEPLAT and Forte Oil Plc, while the Industrial Goods index gained 0.9 per cent. The Banking index followed suit, rising 0.7 per cent.

Contrarily, the Insurance index slid 0.7 per cent as losses in Mansard Insurance Plc and Wapic Insurance Plc impacted sector performance, while the Consumer Goods index marginally lost two basis points on account of declines in 7UP Plc.

Market breadth closed positive as Seplat Plc led 23 gainers against 14 Losers topped by AVONCROWN  at the end of trading session on Tuesday, an improved performance when compared with previous outlook.

Market turnover also closes on a positive note as volume climbed by 247.11 per cent against 34.62 per cent decline recorded in the previous session.

Wema Bank Plc, First City Monument Bank Plc and Diamond Bank Plc were the most active to boost market turnover, while Mobil Plc and Nigerian Breweries Plc topped market value list.

First City Monument Bank Plc led the list of active stocks that recorded impressive volume spike at the end of the day session.