Nigeria’s two leading breweries, Nigerian Breweries (NB) Plc and Guinness Nigeria Plc braced up the overall market position at the Nigerian Stock Exchange (NSE) to a marginal gain of N1 billion after widespread selling sentiments nearly upset the positive market position that started the week.
With nearly two decliners to one advancer, the underlying sentiment at the Exchange was broadly negative but gains recorded by NB and Guinness Nigeria lifted the market to average gain of 0.01 per cent.
NB, Nigeria’s second most capitalised quoted company and most capitalised breweries, continued its rally with a gain of N5.19 on Tuesday to close at N125. NB’s share price had risen by 4.18 per cent to close at N119.81 on Monday after the company released its audited report and accounts for the year ended December 31, 2016.
Guinness Nigeria placed second on the 11-stock gainers’ list with a gain of 93 kobo to close at N62.03.
The gains nudged the aggregate market capitalisation of quoted equities at the NSE to N8.739 trillion as against its opening value of N8.738 trillion. The All Share Index (ASI), the value-based common index that tracks prices at the stock market, also inched up from 25,249.49 points to close at 25,251.63 points. The average year-to-date return remained almost flat at -6.04 per cent.
There were 20 decliners to 11 advancers on Tuesday. Other top gainers included Access Bank, which rose by 17 kobo to N6.88; Custodian and Allied Insurance, which added 16 kobo to close at N3.40 while FBN Holdings, Capital Hotel and Oando chalked up 10 kobo each to close at N3.27, N3.70 and N4.84 respectively.
But the underlying market sentiment remained largely negative. Most sectoral indices closed in the negative. The NSE Industrial Goods Index declined by 2.1 per cent. The NSE Oil and Gas Index dropped by 1.5 per cent while the NSE Banking Index slipped by 0.6 per cent. However, the NSE Consumer Goods Index rose by 1.5 per cent while the NSE Insurance Index appreciated by 0.5 per cent.
Seplat Petroleum Development Company led the losers with a loss of N9.99 to close at N370.01. Forte Oil followed with a loss of N3.04 to close at N53.20. Lafarge Africa dropped by N2.10 to close at N39.90. Unilever Nigeria declined by N1.70 to close at N32.30. PZ Cussons Nigeria dropped by 72 kobo to close at N13.88 while UAC of Nigeria dropped by 34 kobo to close at N13.30 per share.
Total turnover stood 131.2 million shares valued at N2.8 billion in 2,764 deals. The three most active stocks included Presco, 34.45million shares; United Capital, 18.98 million shares and Transnational Corporation of Nigeria, which recorded a turnover of 13.11 million shares.
“As reflected in (Tuesday) today’s performance, investors’ appetite for equities remains weak. Hence, we expect a bearish performance in the trading session ahead barring the release of any positive earnings result,” Afrinvest Securities, a Lagos-based dealer at the Exchange, stated.
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