NSE LIVE! Equities continue rally with N155bn gain

Nigerian equities rallied net capital gain of N155 billion on Thursday as investors continued bargain-hunting for quoted shares ahead of the main earnings season for the declaration of dividend and results for the previous business year. All key indices at the Nigerian Stock Exchange (NSE) trended upward on Thursday with turnover volume and value rising by 18 per cent and 33 per cent respectively.

Aggregate market value of all quoted equities rose from opening value of N15.134 trillion to close at N15.289 trillion, representing an increase of N155 billion. The All Share Index (ASI)-the common value-based index that tracks share prices at the Exchange also rose by 1.03 per cent from the opening index of 42,171.80 points to close at 42,604.40 points. The average year-to-date return consequently increased to 11.40 per cent.

The positive overall market situation was driven widespread gains, especially by many highly capitalised stocks, including Nigerian Breweries, Dangote Cement, Guaranty Trust Bank and United Bank for Africa (UBA).

With 29 advancers against 24 decliners, most sectoral indices closed positive, showing the widespread demand for quoted shares. The NSE Banking Index led the rally with above-average gain of 1.3 per cent. The NSE Industrial Goods Index rose by 0.9 per cent. The NSE Consumer Goods Index appreciated by 0.8 per cent. The NSE Oil & Gas Index inched up by 0.01 per cent while the NSE Insurance Index closed flat.

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Nigerian Breweries-the third most capitalised quoted company, led the advancers with a gain of N2.40 to close at N131.40 per share. Nigerian Breweries on Thursday released its audited results for 2017 and announced a final dividend of N3.13. Dangote Cement-the most capitalised quoted company rose by of N1.50 to close at N259.9. Dangote Sugar Refinery, Stanbic IBTC Holdings and Lafarge Africa rose by N1 each to close at N22, N46 and N52 respectively. FBN Holdings appreciated by 95 kobo to close at N12.50. Guaranty Trust Bank rose by 90 kobo to close at N46.50 while United Bank for Africa added 50 kobo to close at N12.35 per share.

On the negative side downside, CAP led the decliners with a loss of N1.90 to close at N36.95. NASCON Allied Industries dropped by 75 kobo to close at N20. Union Bank of Nigeria lost 30 kobo to close at N7.55. Caverton Offshore Support Group and E-Tranzact International slipped by 25 kobo each to close at N2.60 and N4.75 while Champion Breweries lost 15 kobo to close at N2.85 per share.

The momentum of activities improved considerably with the exchange of 616.18 million shares valued at N6.28 billion in 5,904 deals. Multiverse was the most active stock with 87.10 million shares valued at N31.36 million. Skye Bank placed second with a turnover of 65.57 million shares worth N73.8 million while Access Bank ranked third with 59.03 million shares valued at N766.38 million.

“Following the rebound in the market yesterday (Wednesday) and further gains recorded today (Thursday), we believe the positive trend will be sustained in the last trading day of the week as investors continue to seek for bargain opportunities in the market,” Afrinvest Securities stated.

 

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