Stocks Extend Gains, Index Rises by 1.03%

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  • Stocks Extend Gains, Index Rises by 1.03%

The Nigerian Stock Exchange extended Wednesday’s gain, with the All-Share Index appreciating by 1.03 per cent to 42,604.40 from 42,171.80 basis points, following sustained demand across most sectors.

The month-to-date and year-to-date returns improved to -3.92 per cent and 11.40 per cent, respectively.

The banking index sustained its bullish momentum (appreciating by 1.31 per cent), driven by interest in FBN Holdings Plc shares, which soared by 8.23 per cent.

Also, the industrial goods , consumer goods and oil/gas indices closed in the green, appreciating by 0.89 per cent, 0.83 per cent and 0.01 per cent, respectively. These market analysts said, were driven by investors’ demand for the shares of Berger Paints Nigeria Plc, Dangote Sugar Refinery Plc and Seplat Petroleum Development Company Plc, which rose respectively by 4.55 per cent, 4.76 per cent and 0.01 per cent.

However, the insurance index closed flat.

Market breadth remained positive, with 28 gainers and 24 losers, led by the shares of FBN Holdings and Caverton Offshore Supporting Group Plc, which gained 8.23 per cent and 8.77 per cent, accordingly.

“It is likely that gains extend, on the back of relatively attractive stock prices, encouraging macroeconomic conditions, and investors taking position ahead of Q4 2017 earnings,” Cordros Capital analysts said in a post.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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