NSE LIVE! Equities gain 0.72% as investors await cabinet

In from Success Allantee …
Less than 72 hours to the self-imposed deadline by President Muhammadu Buhari for the formation of his executive cabinet, investors at the Nigerian capital market appeared to be anticipating a more active economy in the fourth quarter.
The stock market opened yesterday with considerable gain, in spite of the liquidity constraints created by the cash demand for the Muslims’ Eid-el-Kabir celebration and resumption of schools.
With 25 advancers to 19 decliners, aggregate market value of all quoted companies at the Nigerian Stock Exchange (NSE) increased by N75 billion or 0.72 per cent from N10.497 trillion to close at N10.572 trillion. The All Share Index (ASI)-the common value-based index that tracks prices of all quoted equities, rose by 0.72 per cent or 219.12 points to close at 30,762.29 points as against 30,543.17 points recorded as opening index. Yesterday’s appreciation increased the ASI’s Month-to-Date gain to 3.64 per cent while the Year-to-Date loss reduced to 11.23 per cent.
Most analysts agreed that the market performance was influenced by increased positioning by investors, who were anticipating improvement in macroeconomic and stock market performance after the formation of the Federal Executive Council.
“We expect the market to sustain today’s (Monday’s) bullish opening for the week as investors take positions ahead of the ministerial list anticipated to be released before Thursday,” Afrinvest Securities stated.

Read also: NSE LIVE! Equities rise by 0.5% as MPC reduces CRR to 25%

Also, analysts at Cordros Capital said they expected the announcement of ministers to spur interest in the equities market.
Nestle Nigeria recorded the highest price gain of N39.70 to close at N859.70 per share. Forte Oil trailed with a gain of N10.01 o close at N250. Nigerian Breweries went up by N5.97 to close at N146.04 per share. UACN rose N1.50 to close at N31.50, while Guinness appreciated by N1 to close at N155 per share.
On the other hand, Seplat Petroleum Development Company led the losers with a loss of N5.10 to close at N249.90 per share. Julius Berger dropped by N2.20 to close at N41.88. Unilever Nigeria declined by 87 kobo to close at N99.99 per share. Zenith Bank depreciated by 59 kobo to close at N17.52, while Dangote Cement went down by 50 kobo to close at N169 per share.
Total volume of shares transacted was 266.65 million valued at N3.17 billion in 3,365 deals. United Bank for Africa (UBA) was the most active stock with a turnover of 55.96 million valued at N252.54 million. Guaranty Trust Bank followed with 50 million shares valued at N1.23 billion, while Zenith Bank sold 26.41 million shares worth N475.34 million. Access Bank traded 25.34 million valued at N128.11 million and Aso Saving sold 20 million worth N10 million.

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