The oil and gas sector has finally bounced back from its 5-seesion downward trend experienced before the holidays on the floor of the Nigerian Stock Exchange (NSE) to lead the gainers column in Wednesday’s session. This was primarily due to gains by Mobil Oil Nigeria, Oando Plc and Total Nigeria Plc of 4.9%, 2% and 1.1%.
Similarly, the consumer goods sector also broke its 5-day losing streak to emerge among the forerunners in the gainers column yesterday. Nascon Allied Industries, Cadbury Nigeria PLC and Nigerian Breweries all had solid gains on the floor of the NSE with 8.48%, 7.98% and 3.26% gains respectively.
The situation was not the same though with the industrial goods sector, where unlike the previously named sectors, trading closed on a flat note after mixed results for companies within the sector. For example, while Ashaka Cement appreciated by 4.09%, Lafarge Cement lost 0.12 %,
Analysts, Vetiva Capital Management Limited, noted in their daily market analysis report noted that they expect the market “to continue to stay in the green in the nearest future given the decent investor appetite observed yesterday as market breadth turned markedly positive”.