NSE LIVE! Equities close to rebound as demand picks up

The demand-supply situation at the Nigerian stock market improved considerably yesterday as most stocks closed on the upside. While losses by a handful of highly capitalised stocks still sustained the negative overall market position, there were widespread bullish sentiments, which raised prospects of a rebound in the next trading session.
With 17 gainers to 14 losers, the marginal decline of 0.06 per cent recorded yesterday by the benchmark index was driven mainly by losses recorded by Nigerian Breweries, Dangote Sugar Refinery, Seven-Up Bottling Company and Oando Plc.
Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) dropped marginally from N9.701 trillion to close at N9.695 trillion. Similarly, the All Share Index (ASI)-the index that tracks prices of all quoted equities, also declined from 28,219.44 points to close at 28,203.20 points. Average year-to-date return now stands at -18.62 per cent.
CAP Plc recorded the highest loss of N2.02 to close at N38.93. Nigerian Breweries, NSE’s second most capitalised stock, dropped by 59 kobo to close at N120.01. Seven-Up Bottling Company declined by 45 kobo to close at N183.55. Oando lost 36 kobo to close at N6.86. Ikeja Hotel lost 16 kobo to close at N3.26. Nascon Allied Industries dropped by 12 kobo to close at N7.18 while Dangote Flour Mills and Dangote Sugar Refinery dropped by 10 kobo each to close at N1.96 and N6.20 respectively.

Read also: NSE LIVE! Equities slip again, uncertainty grips market

Most indices closed on the negative, highlighting the impact of the highly capitalised stocks. The NSE Oil & Gas Index declined by 0.6 per cent. The NSE Industrial Goods Index slipped by 0.1 per cent. The NSE Insurance Index shed seven basis points. The NSE Banking Index also dropped by six basis points while the NSE Consumer Goods Index dipped by a basis point.
“The rebound in market breadth suggests bargain hunters are already taking position. However, as investors continue to await a sign of reprieve in macroeconomic condition and improvement in company earnings, we maintain that fundamental retail investors’ with a short holding period trade with caution. Despite the decline in earnings, current market valuation of stocks still presents a sizeable upside for long term investor,” Afrinvest Securities, a Lagos-based securities firm, stated.
PZ Cussons Nigeria led the gainers with a gain of N1.25 to close at N26.25. Cadbury Nigeria followed with a gain of 95 kobo to close at N20.05. Ashaka Cement added 60 kobo to close at N23. Portland Paints Product Nigeria rose by 18 kobo to N3.88 while E-Tranzact gathered 11 kobo to close at N2.46.
Total turnover stood at 174.96 million shares worth N1.05 billion in 2,133 deals. Sterling Bank was the most active stock with a turnover of 37.74 million shares worth N74.73 million. Access Bank followed with a turnover of 29.38 million shares worth N136.66 million while FBN Holdings recorded a turnover of 26.48 million shares worth N132.34 million.

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