NSE LIVE! Bargain-hunting, weekend rally moderates equities’ losses

A considerable weekend rally boosted a tepid week-long bargain-hunting to bring Nigerian equities to almost a break-even point, raising prospects that the stock market has bottomed out and may witness resurgence in the weeks ahead.
Turnover volume and value increased by 43.5 per cent and 17.8 per cent respectively as more equities closed on the upside. A total of 24 equities garnered various gains last week, a double of the 12 gainers recorded in the previous week. The number of decliners dropped from 51 stocks two weeks ago to 43 stocks last week. A total of 123 equities closed flat last week as against 127 equities in previous week.
Benchmark indices at the Nigerian Stock Exchange (NSE) showed a resilient resurgence against the recent steep downtrend as more investors appeared to be taking positions in bottom-hitting stocks. The All Share Index (ASI), the common value-based index that tracks prices of all quoted equities on the NSE, closed weekend at 29,175.35 points as against its week’s opening index of 29,177.72 points, representing a week-on-week decline of 0.01 per cent.
Aggregate market value of all quoted equities meanwhile rose moderately from the week’s value on board of N10.028 trillion to close at N10.029 trillion. The difference between the ASI and aggregate market value might not be unconnected with Thursday’s listing of supplementary shares for Seplat Petroleum Development Company. The average year-to-date return at the Nigerian stock market now stands at -15.82 per cent.
Sectoral and group indices showed mixed performance. The NSE Oil and Gas Index rode on the back of rally by the sanctioned Oando to close the week with a gain of 1.78 per cent. The NSE Premium Index, which tracks the trio of Dangote Cement, Zenith Bank International and FBN Holdings, recorded a week-on-week gain of 0.08 per cent. The NSE 30 Index, which tracks the 30 most capitalised stocks, rose by 0.19 per cent. The NSE Insurance Index rallied 0.14 per cent while the NSE Pension Index, which tracks 40 stocks screened specially for pension investments, rose by 0.55 per cent.
Conversely, the NSE Main Board Index, which tracks all quoted equities with the exception of the trio on the premium board and those on the Alternative Securities Market (ASeM), dropped by 0.06 per cent. The NSE Banking Index slipped by 0.02 per cent. The NSE Consumer Goods Index declined by 0.92 per cent. The NSE Industrial Goods Index dropped by 0.83 per cent while the NSE Lotus Index, which tracks ethical stocks in line with Islamic rules, declined by 2.0 per cent.

Read also: https://www.ripplesnigeria.com/nse-live-equities-moderate-losses-wane/

Oando, which recorded a total loss of N292 billion in the past 21 months and had been sanctioned for delaying its corporate earnings reports for three periods, rallied against the dump and steep declined that had followed the announcements. Oando led the gainers’ list with a gain of 28.45 per cent to close at N7.72. Guinness Nigeria followed with a gain of 14.59 per cent to close at N143.24. Stanbic IBTC Holdings, which had been enmeshed in a faceoff with the Financial Reporting Council of Nigeria, recovered with a gain of 10.36 per cent to close at N20.87. Stanbic IBTC Holdings got a major support from the Central Bank of Nigeria (CBN), which aligned with the position of the bank and described FRC’s position as reckless. Nigerian Aviation Handling Company rose by 8.71 per cent to close at N4.37 while Transnational Corporation of Nigeria gathered 7.18 per cent to close at N1.94 per share.
On the other hand, Unilever Nigeria recorded the highest loss of 18.74 per cent to close at N31.43. Fidson Healthcare followed with a loss of 17.60 per cent to close at N2.81. Cutix dropped by 13.69 per cent to close at N1.45. Livestock Feeds declined by 11.88 per cent to close at N1.41 while Ikeja Hotels dropped by 10.61 per cent to close at N3.20 per share.
Total turnover stood at 1.95 billion shares worth N17.34 billion in 15,762 last week as against a total of 1.36 billion shares valued at N14.72 billion traded in 14,772 deals in the previous week. The financial services sector led the activity chart with 1.71 billion shares valued at N10.77 billion in 9,378 deals; thus contributing 87.9 per cent and 62.1 per cent to the total equity turnover volume and value respectively. The conglomerates sector followed with a turnover of 73.43 million shares worth N173.73 million in 908 deals. The third place was occupied by the oil and gas sector with 62.711 million shares worth N2.70 billion in 1,688 deals.
The trio of Access Bank Plc, Zenith International Bank Plc and United Bank for Africa Plc were the most active stocks, jointly accounting for 1.276 billion shares worth N8.340 billion in 2,782 deals, contributing 65.45 per cent and 48.11 per cent to the total equity turnover volume and value respectively. Also traded during the week were a total of 7,291 units of Exchange Traded Products (ETPs) valued at N437,490 in 35 deals compared with a total of 330,708 units valued at N1.62 million traded in 53 deals two weeks ago.
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