Nigerian equities continued on the upward for the second consecutive trading session on Wednesday as investors sustained bargain-hunting for mid and large-cap stocks.
With more advancers than decliners, benchmark indices at the Nigerian Stock Exchange (NSE) showed increased positive momentum as investors realign portfolios ahead of the first quarter earnings release.
The All Share Index (ASI)-the value-based index that tracks share prices at the NSE rose by 0.86 per cent from its opening index of 40,499.04 points to close at 40,846.24 points. Aggregate market value of all quoted equities also increased from its opening value of N14.629 trillion to close at N14.754 trillion, representing a net capital gain of N125 billion. The sustained rally boosted the average year-to-date return to 6.81 per cent.
Most sectoral indices closed positive as large-cap stocks headlined rallies across many sectors. The NSE Industrial Goods Index led with a gain of 2.0 per cent. The NSE Oil & Gas Index followed with a gain of 0.8 per cent while the NSE Consumer Goods Index trailed with a return of 0.7 per cent. However, the NSE Insurance Indexdropped by 0.7 per cent while the NSE Banking Index declined by 0.3 per cent.
Mobil Oil led 26 other advancers with a gain of N13.50 to close at N13.50 to close at N192. Dangote Cement followed with a gain of N5 to close at N260. International Breweries rose by N2.50 to close at N54. Lafarge Africa appreciated by N1.25 to close at N43.65 while Unilever Nigeria added 80 kobo to close at N53.90 per share.
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On the downside, Beta Glass led 18 other decliners with a loss of N3.75 to close at N71.95. Forte Oil dropped by N1.10 to close at N37.50. PZ Cussons Nigeria declined by 45 kobo to close at N23. Dangote Flour Mills and Red Star Express dropped by 30 kobo each to close at N13.15 and N5.70 respectively while Union Bank of Nigeria slipped by 20 kobo to close at N6.45 per share.
Total turnover stood at 367.21 million shares valued at N5.33 billion in 4,462 deals. Zenith Bank was the most active stock with a turnover of 100.63 million shares valued at N2.65 billion. Skye Bank followed with a turnover of 43.02 million shares worth N27.94 million while Access Bank recorded a turnover of 23.95 million shares valued at N283.20 million.
“Following the consecutive bullish performance recorded, we anticipate this trend to continue in subsequent trading sessions as attractive entry opportunities remain in the market,” Afrinvest Securities stated.
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