Insurance, industrial stocks push NGX-ASI higher by 0.12%

Equities investors are increasing their position in insurance and industrial stocks despite profit taking in banking, consumer goods and oil & gas stocks. The buy decision in favour of insurance and industrial stocks pushed the market higher by 0.12 percent at the close of trading on Tuesday.

In their weekly stock recommendation, Futureview research analysts maintained a cautiously optimistic outlook for the Nigerian equities market this week, “anticipating continued upward momentum driven by strong corporate earnings”.

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“Barring any major macroeconomic headwinds or negative market surprises, investor sentiment is expected to remain broadly positive,” they noted.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation increased from the preceding trading day’s close of 145,880.77 points and N92.294 trillion, respectively, to 146,055.89 points and N92.405 trillion.

In 31,155 deals, investors exchanged 1,277,235,754 shares worth N24.254billion. Lasaco, Japaul Gold, Sterling, AIICO and Access Holdings were actively traded.

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Ellah Lakes increased most from N14.60 to N16.06, adding N1.46 or 10 percent. Also, ABC Transport rose from N4.50 to N4.95, adding 45kobo or 10percent. Champion Breweries increased from N15.80 to N17.38, up by N1.58 or 10 percent. Prestige Assurance moved from N2 to N2.20, up by 20 kobo or 10 percent.

The market’s return year-to-date (YtD) increased to 41.90 percent. This month, the market has risen by 4.43 percent. This week it is up by 0.21 percent.