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NSE gains N54bn at week open

By on August 24, 2016

The Nigerian Stock Exchange market capitalisation advanced by N54bn to close at N9.552tn from N9.496tn at the close of trading on the Exchange’s floor on Monday.

The market opened the week in gains rising by 0.60 per cent following advances in key sectors.

The NSE All-Share Index also appreciated to 27,812.06 basis points from 27,650.32 basis point recorded on Friday last week.

The financial services and consumer goods sectors recorded gains on the back of advances in Guaranty Trust Bank Plc (1.58 per cent gain), FBN Holdings Plc (0.97 per cent gain), Nigerian Breweries Plc (1.44 per cent gain) and Nestle Nigeria Plc (1.21 per cent gain).

The oil and gas sector also closed higher following gains in Forte Oil Plc (1.19 per cent gain) and Oando Plc (0.78 per cent gain). The industrial goods sector however remained unchanged.

Market breadth remained positive with 25 advances and 14 declines.

Analysts at Vetiva Capital Management Limited, therefore, said, “Going by Monday’s gains and the sustained market breadth, we think market sentiment remains quite positive ahead of the next session.”

 

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