Gains resurfaces on Nigerian bourse, ASI up 0.22%

Gains resurfaced on the Nigerian Stock Exchange (NSE) on Thursday, as the All-Share Index (ASI) inched up 0.22 per cent, following bargain hunting across major sectors.

As a result, the Year-to-Date and Month-to-Date losses decreased to 4.75 per cent and 4.84 per cent respectively.

All major sectoral indices closed in the green, with the Banking and Insurance indices leading with a gain of 0.77 per cent apiece, while the Consumer Goods (+0.19%), Industrial Goods (+0.17%), and Oil & Gas (+0.12%) indices followed suit.

The notable stocks include FCMB (+9.44%), AIICO (+9.68%), HONYFLOUR (+9.88%), CCNN (+8.78%), and OANDO (+1.04%), respectively.

Market breadth remained negative, albeit by a lower margin, with 20 losers and 19 gainers, led by NEIMETH (-9.30%) and HONYFLOUR (+9.88%), respectively.

Total volume and value of trades dropped 48.10% and 18.34%, to 171.22 million units and NGN2.98 billion, respectively, exchanged in 3,595 deals.

“Despite gains in today’s session, our outlook for equities in the near to medium term remains negative, in the absence of a near term one-off positive catalyst; and more so, amidst brewing political concerns. However, strengthened macroeconomic fundamentals remain supportive of gains in the long term”. Analysts at Cordros Capital said.