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NSE index attains 37-month high, up 1.44%

The All Share Index (ASI) closed in the green for the fifth consecutive day, rising 1.4 per cent to settle at 38,494.43 points – a level last seen last in October 2014.

Thus, year-to-date (YTD) return of the benchmark index expanded to 43.2 per cent, while market capitalisation rose by N181.048 billion to close at N13.406 trillion.

Although the rally was broad-based, the day’s positive close can be largely attributed to gains in bellwethers – Dangote Cement (+1.7%), Nigerian Breweries (+3.4%), Guaranty Trust Bank (+0.7%) and Zenith Bank (+0.6%).

In the same vein, activity level improved as volume and value traded increased 4.4 per cent and 18.3 per cent  to 522.4 million units and N7.5 billion respectively.

Sector performance remained mixed despite the markedly positive market performance as three indices closed higher and the other two indices trended southwards.

The consumer good index led the three gainers, up 1.7 per cent following sustained buying interest in Nigerian Breweries (+3.4%), Dangote Sugar Refinery (+2.7%) and Unilever Nigeria (+3.1%). The other two gainers – banking and industrial goods Indices – advanced 1.3 per cent  and 1.1 per cent on the back of price appreciations in United Bank for Africa (+4.0%), Guaranty Trust Bank (+0.7%), Zenith Bank (+0.6%) and Dangote Cement (+1.7%).

On the flipside, the Insurance index was dragged 0.6 per cent lower by losses in AIICO Insurance (-3.6%) and Continental Re-Insurance (-5.0%), while the Oil & Gas index shed 0.4 per cent due to profit-taking in Forte Oil (-3.9%).

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