The band between advancers and decliners narrowed on Thursday but the overall market situation drew on cross-sectoral gains from large, mid and small cap stocks to remain on the upward. With 19 advancers to 15 decliners, the average market indices showed a modest gain of 0.15 per cent, equivalent to additional capital gains of N13 billion.
The All Share Index (ASI) – the common share value-based index that tracks prices of all quoted equities on the Nigerian Stock Exchange (NSE), inched up to close at 25,923.77 points as against its opening index of 25,885.31 points. Aggregate market value of all quoted equities rose marginally to close at N8.917 trillion as against its opening value of N8.904 trillion.
Sectoral group analysis showed widespread positive sentiments. The NSE Oil and Gas Index indicated a gain of 0.72 per cent. The NSE Industrial Goods Index and the NSE Insurance Index inched up by 0.2 per cent each. The NSE Banking Index appreciated by 0.04 per cent. However, the NSE Consumer Goods Index dropped by 0.5 per cent.
The sustained rally helped to reduce the negative overhang at the stock market as the average year-to-date return improved to -9.49 per cent.
Dangote Cement, the most capitalised stock that controls nearly one-third of equities’ value, topped the gainers’ list with a gain of N1.01 to close at N165.01. Flour Mills of Nigeria placed second with a gain of 87 kobo to close at N18.38. Oando rose by 42 kobo to close at N4.86. PZ Cussons Nigeria added 30 kobo to close at N25. Dangote Sugar Refinery appreciated by 23 kobo to close at N5.98. TBCG gathered 22 kobo to close at N2.49. Access Bank rose by 20 kobo to close at N4.64. Red Star Express chalked up 19 kobo to close at N4 while Honeywell Flour Mills garnered 14 kobo to close at N1.72 per share.
Total turnover was above average with the exchange of 310.65 million shares valued at N2.06 billion in 3,015 deals. Fidelity Bank was the most active stock with a turnover of 112.42 million shares worth N129.46 million in 97 deals. FCMB Holdings staged a distant second with a turnover of 34.14 million shares worth N28.45 million in 212 deals. Zenith Bank International placed third with a turnover of 30.19 million shares worth N374.05 million in 293 deals.
“We believe anticipated better-than-expected earnings releases would continue to spur bargain hunting although profiting taking activities may moderate market momentum. We maintain that investors buy into companies with consistent dividend payment history ahead of their earnings releases,” Afrinvest Securities-a Lagos-based dealer on the Exchange, stated in post-trading review.
On the negative side, Nestle Nigeria, the highest-priced quoted company, led the losers’ list with a loss of N15 to close at N700. Beta Glass followed with a loss of N2 to close at N45.50. Guinness Nigeria dropped by N1 to close at N113. International Breweries declined by 55 kobo to close at N18.50. Nigerian Breweries dropped by 50 kobo to close at N96.50 while Union Bank of Nigeria slipped by 27 kobo to close at N5.71 per share.
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