Nigerian equities extend gains as benchmark index improves by 1.2%
October 5, 20171.7K views0 comments
Nigerian equities Thursday maintain gains of previous session to close all-share index (ASI) higher by 1.2 percent. The benchmark index settled at 35,773.98 points while year-to-date gain advanced to 33.1 percent.
Accordingly, market capitalization rose by N142.9 billion to N12.3 trillion.
Thursday’s positive close is buoyed by price appreciations in DANGCEM (+2.4%), NIGERIAN BREWERIES (+1.2%) and WAPCO (+4.0%). Market activity level equally waxed stronger as volume and value traded improved 82.4 percent and 4.9 percent to settle at 317.4 million units and N2.9 billion respectively.
The industrial goods index led gainers, up 2.8 percent as a result of appreciations in DANGCEM (+2.4%) and WAPCO (+4.0%). The banking index followed, rising 0.8 percent on the back of gains in ZENITH (+1.2%) and GUARANTY (+0.6%).
Similarly, upticks in NIGERIAN BREWERIES (+1.2%) pushed the consumer goods index 0.5 percent higher. On the contrary, the insurance and oil & gas indices closed 0.4 percent lower apiece due to losses in CONTINSURE (-4.9%) and MOBIL (-4.9%).
Investor sentiment further strengthened as mirrored by the market breadth, which advanced to 2.2x (from 1.2x recorded the previous day) consequent on 31 stocks gained against 14 that declined.
The top performers were LINKASSURE (+8.7%), PRESCO (+5.0%) and DANGFLOUR (+4.7%), while the worst performers were CADBURY (-5.0%), MRS (-5.0%) and CONTINSURE (-4.9%).
Elsewhere, U.S. equities rose the eighth day, just as the dollar strengthened and treasuries slipped as the latest batch of data added to optimism in the American economy ahead of Friday’s jobs report.
European markets also got a boost after Catalans were said to stall their push for independence.
The S&P 500 Index propelled its streak of gains to the longest since 2013 after jobless claims and factory orders beat expectations.
Bank shares rallied as yield on the 10-year note pushed toward the highest in two months following hawkish comments by Fed President John Williams. The dollar neared July highs as data showed the U.S. trade gap narrowed to an 11-month low. West Texas crude traded above $50 a barrel.