The Nigerian equities market advanced by ₦70 billion at the close of trading on the floor of the Nigerian Stock Exchange on Thursday notwithstanding depreciation in 22 stocks.
The market recorded 15 gainers as 128.312 million shares valued at ₦2.728 billion exchanged hands in 3,241 deals.
At the end of the day’s trade, the All-Share Index closed positive, gaining 55 basis points while the year-to-date return improved to 32.7 per cent.
“The major drivers of today’s performance were Dangote Cement Plc, Nestle Nigeria Plc and Nigerian Breweries Plc, which appreciated by 2.4 per cent, 1.3 per cent and 0.3 per cent, respectively. Ex-Dangote Cemen), the market would have shed 17 basis points,” analysts at Afrinvest Securities said in a post.
Investors gained ₦70.0 billion as market capitalisation advanced to ₦12.293 trillion from ₦12.223 trillion. Likewise, activity level rose as volume and value traded climbed 11.9 by per cent and 73.1 per cent to ₦128.3 million units and ₦2.7 billion, respectively.
The NSE industrial goods index led gainers, up by 1.1 per cent due to an uptick in Dangote Cement. The insurance index followed suit, closing 0.4 per cent higher on account of price appreciation in Continental Reinsurance Plc and NEN Insurance (Nigeria) Plc, which recorded respective gains of 2.1 per cent and 3.6 per cent.
The NSE consumer goods index marginally rose by 0.2 per cent following positive sentiment towards Nestle Nigeria and Nigerian Breweries.
On the other hand, the NSE oil/gas index fell by one per cent on the back of losses in Oando Plc, which plummeted by five per cent, while the NSE banking index dropped by 0.6 per cent, dragged by declines in Zenith Bank Plc and Guaranty Trust Bank Plc, which shed 2.4 per cent and 0.2 per cent, respectively.
At the top of gainers’ chart were Okomu Oil Palm Plc, C & I Leasing Plc and Airline Services and Logistics Plc , which appreciated by 5.7 per cent, 4.4 per cent and four per cent, accordingly.
Neimeth International Pharmaceuticals Plc, Conoil Plc and Unilever Nigeria Plc topped the losers’ chart, shedding 8.4 per cent, five per cent and five per cent, respectively.
“In line with our expectation, the day’s market performance was largely driven by bargain hunting in market bellwethers. Hence, we expect the market to trade in similar trend on Friday,” the analysts noted.