Business

NSE LIVE! Equities break into new rally with N64bn gains

NSE LIVE! Equities break into new rally with N64bn gains

Nigerian equities again turned to the positive side of their topsy-turvy trend as considerable price appreciations among highly capitalised stocks lifted the market to a net capital gain of N64 billion.

With nearly two gainers to every loser, the benchmark index at the Nigerian Stock Exchange (NSE) indicated average gain of 0.74 per cent.

The rally on Thursday, the second in the topsy-turvy situation this week, moderated the negative average year-to-date return to -6.34 per cent. Highly capitalised stocks in building materials, banking and fast moving consumer goods sectors headlined the rally.

Aggregate market value of all quoted equities on the NSE rose from N8.647 trillion to close at N8.711 trillion. The All Share Index (ASI), the value-based common index that tracks prices at the stock market, also rose from 24,986.02 points to close at 25,170.36 points.

Sectoral indices however still showed a cautious market with losses by large-cap banking and brewing stocks weighing on many indices. On the upside, the NSE Industrial Goods Index appreciated by 2.4 per cent while the NSE Insurance Index rose by 0.2 per cent. However, the NSE Consumer Goods Index dropped by 2.0 per cent. The NSE Banking Index declined by 1.3 per cent while the NSE Oil and Gas Index slipped by 0.3 per cent.

Read also: NSE LIVE! Nigerian Equities relapse with N50 billion loss

Nestle Nigeria, NSE’s highest-priced stock, led the 16-stock gainers’ list with a gain of N34.55 to close at N725.55. Dangote Cement, the most capitalised quoted company, followed with a gain of N7.60 to close at N159.75. Guinness Nigeria rose by N1.06 to close at N68. Stanbic IBTC Holdings added 54 kobo to close at N18.29 while Flour Mills of Nigeria rose by 25 kobo to close at N17.45 per share.

Total turnover stood at 215.90 million shares valued at N2.19 billion in 3,279 deals. Zenith Bank was the most active stock with 45 million shares worth N659.01 million. Fidelity Bank followed with 34.7 million shares valued at N30.4 million while Guaranty Trust Bank recorded a turnover of 33.9 million shares valued at N828.86 million.

On the downside, Nigerian Breweries led the nine-stock losers’ list with a loss of N9.44 to close at N130.36. Forte Oil dropped by N1.66 to close at N50.50. Guaranty Trust Bank declined by N1.26 to close at N24.61. Nigerian Aviation Handling Company lost 11 kobo to close at N2.19 while United Capital slipped by 4.0 kobo to close at N2.41 per share.

“Market performance this week has been largely shaped by short term speculative trading; nevertheless, we expect the benchmark index to close the week in the green,” Afrinvest Securities stated.

 

RipplesNigeria ….without borders, without fears

Click here to download the Ripples Nigeria App for latest updates

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

Join the conversation

Opinions

About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

Do NOT follow this link or you will be banned from the site!