Nigeria stock exchange index rebounds by 0.67%

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FILE PHOTO: The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria November 9, 2016. Picture taken November 9, 2016. REUTERS/Afolabi Sotunde/File Photo

Following investors’ interest in the shares of Dangote Cement, GT Bank and Diamond Bank, the bearish sentiment which was witnessed on Monday at the Nigerian Stock Exchange (NSE), reversed in yesterday’s trading as the All Share Index (ASI) gained 0.67 per cent to settle at 30,822.33 points.

Similarly, market capitalization advanced by N74.9 billion to close at N11.26 trillion while Year-to-Date (YTD) loss moderated to-19.4 per cent.

Performance across sectors was largely mixed albeit more bullish as three of five indices closed in the green.

The Industrial Goods and Oil & Gas indices led the advancers, gaining 1.6 per cent and 1.5 per cent respectively on account of renewed interest in Dangote Cement (+2.2 per cent) and Mobil (+8.6 per cent) while the Banking index trailed, appreciating by 0.5 per cent following gains in GT Bank (+2.8 per cent).

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On the negative end, the Consumer Goods index shed 0.9 per cent on the back of profit taking in Nigerian Breweries (-3.4 per cent) while the Insurance index declined by 0.7 per cent following loss in the share of Continsure (-1.1 per cent). Market breadth was positive as 25 stocks advanced while 14 others tumbled.

Neimeth (+10.0 per cent), CCNN (+9.9 per cent) and Forte Oil (+9.9 per cent) led the best performers while Access Bank (-5.5 per cent), Mutual Benefits (-4.8 per cent) and Nigerian Breweries (-3.4 per cent) were the worst performing stocks.

Activity level improved as average volume and value of stocks traded appreciated by 47.1 and 193.9 per cent to 316.2 million units and N5.1 billion respectively in 3,445 deals.

Analysts at Afrinvest said, “In today’s trading session, the market rebounded in line with our expectations.

Although we maintain a bearish outlook for the equities market, we do not rule out the possibility of persistent buying interest particularly on fundamentally sound stocks in the near term.”

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Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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