NSE LIVE! Equities gain N66b on renewed bargain-hunting

The two main indices at the Nigerian Stock Exchange (NSE) indicated average gain of 0.72 per cent, equivalent to a gain of N66 billion, on Monday as the Nigerian stock market opened with renewed positive sentiments.

Aggregate market value of all quoted equities rose from its opening value of N9.124 trillion to close at N9.190 trillion. The All Share Index (ASI), the value-based index that tracks prices of all quoted equities on the NSE, rose from its index on board of 26,537.36 points to close at 26,728.64 points. The average year-to-date return now stands at -22.88 per cent.

The positive also reflected on sectoral indices. The NSE Banking Index rose by 2.4 per cent. The NSE Industrial Goods Index appreciated by 0.8 per cent. However, the NSE Insurance Index and NSE Consumer Goods Index declined by 0.5 per cent each while the NSE Oil and Gas Index slipped by 0.1 per cent.

Read also: NSE Round-up! Equities lose N252b as Naira crashes

Dangote Cement, the most capitalised quoted company, led the 18-stock gainers’ list with a gain of N2.04 to close at N152.05. Guaranty Trust Bank, the third most capitalised company and most capitalised bank, rallied 95 kobo to close at N20. Ecobank Transnational Incorporated placed third with a gain of 70 kobo to close at N16.70. Union Bank of Nigeria rose by 28 kobo to close at N5.98 while Lafarge Africa added 25 kobo to close at N92.25 per share.

“We opine that the positive close today was majorly due to increased bargain hunting consequent on the current low prices across the market. However, we do not believe the trend will be sustained given the various headwinds that weigh heavily on sentiments. Hence, we advise short term investors to trade cautiously while we highly recommend a medium to long term investment horizon for value investors,” Afrinvest Securities stated.

Total turnover stood at 195.98 million shares valued at N2.39 billion in 2,392 deals. United Bank for Africa was the most active stock with a turnover of 38.21 million shares worth N141.14 million.

On the downside, Nestle Nigeria, the highest-priced stock, led the 17-stock losers’ list with a loss of N10 to close at N790. Mobil Oil Nigeria dropped by N5.84 to close at N120. Flour Mills of Nigeria lost N1.05 to close at N19.95. UAC of Nigeria dropped by 25 kobo to close at N18.75 while Champion Breweries and Custodian and Allied Insurance lost 17 kobo each to close at N3.32 and N4.01 respectively.

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