Nigerian bourse reverses loses as Index up 0.90%

Gains resurfaced on the Nigerian bourse on Wednesday, as the All-Share Index (ASI) increased by 0.90 per cent, largest gain since 27th April – to 40,992.97 points. This was said to be largely attributable to renewed interests in DANGCEM shares.

The Month-to-Date loss moderated to -0.6 per cent, while the Year-to-Date gain improved to 7.19 per cent.

The Consumer Goods (+1.63%) index posted the largest gain, while the Industrial Goods (+0.74%) and Insurance (+0.31%) indices followed suit, owing to demands for UNILEVER (+4.91%), DANGCEM (+2.67%), and MANSARD (+4.70%) shares respectively.

On the flip side, the Banking (-0.39%) and Oil & Gas (-0.34) indices closed lower, driven by profit-taking in the shares of ACCESS (-1.79%) and FO (-3.13%).

Market breadth remained negative, with 30 losers and 15 gainers, led by SKYEBANK (-9.41%) and CUTIX (+5.00%) respectively. Total volume of trades increased by 27.60% to 259.49 million units, valued at NGN4.36 billion, and exchanged in 4,000 deals.

Strengthening macroeconomic fundamentals remain supportive of our outlook for gains in the equities market. Analysts at Cordros Capital said.