Nigerian bourse turns positive as Index up 0.31%

The equities market on The Nigerian Stock Exchange (NSE) turned positive, halting two consecutive days of losses, as the ASI inched 0.31 per cent higher to 40,875.69 points, making the Year-to-Date gain improved marginally, to 6.88 per cent.

All sector indices – Industrial Goods (+0.65%), Insurance (+0.44%), Banking (+0.27%), and Oil & Gas (+0.08%) – closed in the green, save for the Consumer Goods index, which closed 0.83% lower.

The notable stocks include DANGCEM (+1.59%), PRESTIGE (+9.30%), ETI (+3.98%), ETERNA (+4.66%), and DANGSUGAR (-1.19%), respectively.

Market breadth remained negative, with 22 losers and 21 gainers, led by GLAXOSMITH (-9.61%) and PRESTIGE (+9.30%). Growths in total volume and value of trades remained positive for the third consecutive session, increasing by 23.47% and 13.35% to 495.64 million and NGN7.68 billion respectively. Transactions were exchanged in 4,614 deals.

Analysts at Cordros Capital reiterate their position of positive outlook for the equities market, as softened prices suggest likelihood of bargain-hunting, amidst strengthening macroeconomic fundamentals.