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Bullish Trend Returns To Stock Market As ASI Advances By 0.46%


The Nigerian Stock Exchange (NSE) on Tuesday rebounded from Monday’s loss following buying interest across the Insurance, Industrial and Consumer Goods sectors as the benchmark index advanced by 0.46 percent to close at 27,493.12 points.
Today’s proceedings pared the Month-to-Date and Year-to-Date losses to 1.85 percent and 4.01 percent respectively.
At the close of the session, gains recorded in the shares of Nigeria’s brewing giant, Nigerian Breweries Plc and soft drink maker, SevenUp Bottling Company Plc by 1.25 percent and 9.41 percent boosted the Consumer Goods index by 0.70 percent; while insurer, AIICO Insurance Plc and reinsurance firm Continental Reinsurance Plc climbed up by 1.59 percent and 1.05 percent each to grow the Insurance index by 0.07 percent.
Similarly, the Industrial Goods index closed higher by 0.59 percent, following positive interest in the shares of cement producer and the most capitalised quoted company on the Nigerian bourse, Dangote Cement Plc gaining 1.15 percent.
On the contrary, selloffs in the shares of Nigeria’s top tier lenders, Zenith Bank Plc, United Bank for Africa Plc and Access Bank Plc all lost by 2.29 percent, 2.47 percent and 0.36 percent respectively to weigh down the Banking index by 0.52 percent. While, oil marketing majors, Conoil Plc and Forte Oil Plc dropped 4.99 percent and 1.13 percent each to drag down the Oil & Gas index by 0.19 percent.
At the close of the session, market breadth on the domestic bourse was negative, with 17 gainers and 18 losers posted, according to the NSE’s daily market statistics. SevenUp emerged the top gainer with a gain of N11.01 per share; while drugmaker, May & Baker Nigeria Plc topped the losers chart with a loss of 0.09 kobo per share.
In terms of turnover, total volume traded on the Nigerian equities market surged by 174.52 percent to 230.14 million shares, valued at N2.74 billion, and traded in 3,536 deals.
“With no strong sustaining catalyst on the horizon, we sense today’s gain is a dead cat bounce,” the Cordros update affirmed.


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