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NSE! Equities rebound with N46bn gain

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High-cap stocks drag equities to negative opening

Nigerian equities rode on the back of increased bargain-hunting to halt a running downtrend, recouping net capital gain of N46 billion in their first positive trading session this quarter. Quoted equities had lost N273 billion in the previous two consecutive trading sessions.

Large-cap stocks in the industrial goods and banking sectors rallied the overall market position to a modest day-on-day average gain of 0.31 per cent, representing net capital gain of N46 billion. Average year-to-date return at the equities market inched up to 6.88 per cent.

Aggregate market value of all quoted equities at the Nigerian Stock Exchange (NSE) rose from its opening value of N14.720 trillion to close at N14.766 trillion. The All Share Index (ASI)-the common value-based index that tracks share prices at the Exchange, improved from its opening index of 40,749.86 points to close at 40,875.69 points.

The momentum of activities also improved considerably with turnover volume and value rising by 23.5 per cent and 13.3 per cent respectively. Turnover stood at 495.64 million shares valued at N7.68 billion in 4,614 deals. United Bank for Africa was the most active stock with a turnover of 103.50 million shares valued at N1.23 billion. Fidelity Bank followed with a turnover of 90.24 million worth N241.04 million while Guaranty Trust Bank ranked third with 62.99 million worth N2.78 billion.

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All sectoral indices trended upward with the exception of NSE Consumer Goods Index, which declined by 0.1 per cent. The NSE Industrial Goods Index rose by 0.6 per cent. The NSE Insurance Index followed with a gain of 0.4 per cent. The NSE Banking Index added 0.3 per cent while the NSE Oil & Gas Index inched up by 0.1 per cent.

There were 21 advancers to 22 decliners. Dangote Cement-Nigeria’s most capitalised quoted company-led the advancers with a gain of N4 to close at N255. Ecobank Transnational Incorporated followed with a gain of 65 kobo to close at N17 while Eterna rose by 28 kobo to close at N6.29 per share.

On the downside, GlaxoSmithKline Consumer Nigeria led the decliners with a drop of N3.35 to close at N31.50. International Breweries followed with a loss of N2.70 to close at N51.70 while Julius Berger Nigeria declined by N1.20 to close at N24.70 per share.

“Following the rebound in (Thursday) today’s session, we expect bargain hunting to continue to drive positive market performance in the near term,” Afrinvest Securities stated.

Cordros Capital reiterated its positive outlook for the equities market, noting that “softened prices suggest likelihood of bargain-hunting, amidst strengthening macroeconomic fundamentals”.

 

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