The Nigerian Stock Exchange, NSE All Share Index reversed Monday’s loss, gaining 0.68 percent as 24 stocks appreciated against 14 stocks.
On the back of renewed positive trades, market capitalization rose by N76 billion to close at N11.32 trillion even as shares of First Bank of Nigeria Plc, Guaranty Trust Bank Plc, Zenith Bank Plc and Access Bank Plc lifted NSE Banking index by 2.62 percent. Thus, the year-to-date loss of All Share Index moderated to 18.92 percent.
On sectoral performance, gains across the Banking (+2.62 percent), and Insurance (+0.67 percent) while Industrial and Consumer Goods Indices recorded decline (-0.94 percent) and (-0.13 percent) respectively. The Banking Index was driven by interest across Tier-1 banks- Guaranty Trust Bank, (3.75 percent), UBA (+6.67 percent) and Zenith Bank (+1.69 percent) while marked gains in MANSARD Insurance (+9.89 percent) drove the positive return in the insurance Index.
On the flip side, losses in WAPCO (-4.48 percent) and Nigerian Breweries, NB (-0.50 percent) weighed on the Industrial and Consumer Goods Indices. The Oil & Gas index was flat.
Market breadth was positive with 24 gainers and 14 losers, led by MANSARD Insurance (+9.89 percent) Linkage Assurance (-9.68 percent) shares respectively. Total volume and value of trades declined by 20.5 percent and 22.2 percent to 198.54 million units and N2.12 billion respectively, exchanged in 2,802 deals.
Analysts at Lagos based investment firm, Cordros Capital said: “We reiterate our negative outlook for the equities market in the short to medium term, amidst political concerns ahead of the 2019 elections and the absence of a positive market trigger. However, positive macroeconomic fundamentals remain supportive of recovery in the long term.”