The rally at the Nigerian Stock Exchange (NSE) entered its fifth consecutive session on Wednesday as investors continued to take positions in value stocks. With nearly two advancers to every decliner, the equities posted an average gain of 0.47 per cent on Wednesday, equivalent to net capital gain of N53 billion.
Aggregate market value of all quoted equities rose from its opening value of N11.314 trillion to close at N11.367 trillion. The All Share Index (ASI)-the benchmark index for the Exchange, appreciated from its opening index of 32,827.98 points to close higher at 32,981.63 points. The average year-to-date return increased to 22.72 per cent.
All sectoral indices also closed on the upside, reflecting the underlining positive sentiments driving the valuations. The NSE Banking Index recorded above-average gain of 1.3 per cent. The NSE Consumer Goods Index rose by 0.5 per cent. The NSE Insurance Index appreciated by 0.3 per cent. The NSE Industrial Goods Index rose slightly by 0.2 per cent while the NSE Oil & Gas Index inched up by 0.04 per cent.
There were 29 advancers to 15 decliners. Seven-Up Bottling Company led the advancers with a gain of N7.23 to close at N89.23. Seplat Petroleum Development Company followed with a gain of N5 to close at N470. CAP rose by N1.70 to close at N35.70. Forte Oil gathered N1.30 to close at N50. Nestle Nigeria rose by N1.30 to close at N902.30. Nigerian Breweries gathered 91 kobo to close at N155.17. Guaranty Trust Bank chalked up 69 kobo to close at N36.20. Ecobank Transnational Incorporated added 65 kobo to close at N13.76 per share. Julius Berger Nigeria rose by 53 kobo to close at N32.67 while Access Bank chalked up 15 kobo to close at N9.95 per share.
On the downside, Conoil led the decliners with a loss of N1.66 to close at N31.55. University Press followed with a drop of 31 kobo to close at N2.92. Oando lost 25 kobo to close at N8.15. Nascon Allied Industries and United Capital declined by 24 kobo each to close at N9.06 and N3.05 respectively. Champion Breweries dipped by 21 kobo to close at N2.57 per share. Capital Hotels declined by 17 kobo to close at N3.31. Tourist Company of Nigeria lost 15 kobo to close at N3.50 while Fidson Healthcare declined by 13 kobo to close at N2.70 per share.
Total turnover stood at 270.85 million shares valued at N2.78 billion in 3,940 deals. Banking stocks dominated the top activities chart. United Bank for Africa was the most active stock with a turnover of 48.27 million shares worth N434.31 million. Access Bank followed with 34.54 million shares valued at N339.46 million while FBN Holdings placed third with 31.95 million shares valued at N197.49 million.
“Whilst we expect market performance in the near term to remain largely driven by expectation of positive half-year 2017 corporate reports, we do not rule of the possibility of some “end of the week” profit taking in subsequent sessions,” Afrinvest Securities stated.
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