Nigerian bourse closes positive Tuesday, up 0.17%

Gains resurfaced on the Nigerian bourse on Tuesday, albeit marginally, as the market All-Share Index (ASI)  inched higher by 0.17 per cent to 40,499.04 points, owing to renewed interests in industrial goods stocks.

Accordingly, the Month-to-Date loss dipped to 2.42 per cent, while the Year-to-Date gain improved to 5.90 per cent.

The Industrial Goods (+2.08%) index turned positive – posting the highest return among the sectoral indices – following renewed interests in WAPCO (+3.41%) and DANGCEM (+1.19%) shares.

The Consumer Goods (+0.56%) index also recorded gains, owing to interests in NB (+0.23%) stocks. On the flip side, the Banking (-1.45%), Insurance (-0.12%), and Oil & Gas (-0.02%) indices closed negative, following profit taking in GUARANTY (-1.15%), AIICO (-4.29%), and FO (-3.50%) stocks respectively.

Market breadth remained negative, with 26 losers and 16 gainers, led by WEMABANK (-4.94%) and JAPAULOIL (+8.16%) respectively. Total volume of trades increased by 35.27% to 388 million units, valued at NGN4.21 billion, and exchanged in 4,222 deals.

Analysts at Cordros Capital have the view that long-term outlook for the equities market remains positive, as strengthening macroeconomic fundamentals and expected positive corporate releases are likely to bolster gains.