NSE LIVE! Equities break downtrend with N185bn gain

Nigerian equities on Monday broke the cycle of profit-taking downtrend that had shaved off N584 billion last week as the stock market reopened to a renewed bargain-hunting for large and mid-cap stocks.

With 26 advancers to 21 decliners, the market ended the first trading session of the week with average day-on-day gain 1.7 per cent, equivalent to net capital gain of N185 billion. The Federal Government had declared Monday and Tuesday as public holidays in celebration of the Eid-ul-Fitri, the Muslim celebration of the end of a month-long fasting.

Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) rose from its opening value of N11.108 trillion to close at N11.293 trillion. The All Share Index (ASI)-the value-based common index that tracks share prices, rose from 32,122.14 points to close at 32,657.30 points. Average year-to-date return thus improved to 21.5 per cent.

The overall market position was driven by preponderance of buy sentiments to sell sentiments, especially within the influential large-cap stocks group. As such, most sectoral indices closed in the green with the NSE Banking Index leading with a day-on-day return of 3.2 per cent. The NSE Industrial Goods Index appreciated by 1.1 per cent. The NSE Consumer Goods Index rose by 0.8 per cent while the NSE Oil & Gas Index inched up by 0.4 per cent. However, the NSE Insurance Index slipped by 0.1 per cent.

Read also: Unilever Nigeria to raise N59bn in new shares sale

Nestle Nigeria-Nigeria’s highest-priced stock, led the rally with a gain of N9.99 to close at N910. Dangote Cement-the most capitalised quoted company at the NSE, followed with a gain of N4.40 to close at N200. Nigerian Breweries-the second most capitalised quoted company, appreciated by N2.63 to close at N154.53. Forte Oil rose by N2.50 to close at N52.54. Guaranty Trust Bank-the most capitalised banking stock, rallied N1.50 to close at N36 per share. International Breweries rose by N1.45 to close at N30.57.

United Bank for Africa added 68 kobo to close at N9. UAC of Nigeria rose by 57 kobo to close at N17.99. Stanbic IBTC Holdings chalked up 30 kobo to close at N30.90 while Flour Mills of Nigeria rose by 25 kobo to close at N27.99 per share.

On the negative side, Okomu Oil Palm led the losers with a loss of N3.07 to close at N58.49. Unilever Nigeria followed with a drop of N2.14 to close at N40.85. Julius Berger Nigeria lost N2.07 to close at N39.45 per share. MRS Oil and Gas declined by N1.73 to close at N37.30. Nascon Allied Industries dropped by 46 kobo to close at N8.87. May & Baker Nigeria lost 23 kobo to close at N4.51. Fidson Healthcare declined by 18 kobo to close at N2.57 while Champion Breweries and UACN Property Development Company dropped by 14 kobo to close at N2.79 and N2.74 respectively.

Total turnover stood at 386.2 million shares valued at N3.3 billion. The most active stock was United Bank for Africa with 87.11 million shares worth N762.08 million. Wema Bank followed with a turnover of 51.89 million shares worth N28.54 million while Transnational Corporation of Nigeria ranked third with 37.41 million shares worth N54.43 million.

Analysts attributed the market rally to improved macroeconomic outlook and expectations on the second quarter and half-year earnings of quoted companies. “As expected, the prices of some value stocks prompted buying interest by investors and we expect the optimism to be sustained in the near term as investors continue to spot opportunities in a fundamentally driven market,” Afrinvest Securities-a Lagos-based dealer at the Exchange, said.

RipplesNigeria ….without borders, without fears

Click here to download the Ripples Nigeria App for latest updates

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now