NSE LIVE! Equities gain N72b amidst large deals

In from Success Allantee ….

Nigerian equities sustained the upbeat that started this month as increased demand further nudged the modest rally at the Nigerian Stock Exchange (NSE), leaving investors with a gain of N72 billion. Benchmark indices indicated average gain of 0.70 per cent while turnover volume and value rose by 108.7 per cent and 35 per cent respectively.

The All Share Index (ASI), the composite value-based benchmark index that tracks prices of all quoted companies, showed corresponding increase of 0.70 per cent to close at 30,458.86 points as against its opening index of 30,247.83 points. Aggregate market value of all quoted equities rose by 0.70 per cent or N72 billion to close at N10.440 trillion as against its opening value of N10.368 trillion. The upswing moderated the average year-to-date return to -12.11 per cent.

With 29 gainers to 20 losers, the number of advancers outstripped decliners for the first time in recent trading sessions while the market sustained two-day consecutive gain. The market performance was boosted by preponderance of gainers as well as gains recorded by some highly capitalised stocks, especially in the banking sector.

Forte Oil, which had on Monday laid out its growth plan including imminent capital issue and possible mergers and acquisition deals, topped the gainers’ list with a gain of N4 to close at N194. Unilever Nigeria followed with a gain of N1.80 to close at N37.81. PZ Cussons placed third on the top gainers’ list with addition of N1.45 to close at N29. Guaranty Trust Bank chalked up N1.39 to close at N24.45. Guinness Nigeria added 98 kobo to close at N131. Ecobank Transnational Incorporated gathered 55 kobo to close at N19.85. Nigerian Breweries and UAC of Nigeria rose by 50 kobo each to close at N172 and N36.50 respectively. Flour Mills of Nigeria added 48 kobo to close at N29.48 while Zenith Bank rose by 47 kobo to close at N16.49 per share.

Investors staked N4.76 billion on 668.32 million shares in 4,419 deals, the largest turnover in the past 10 days. The financial services sector, the traditionally most active sector, remained the most dominant with a turnover of 515.70 million shares worth N3.64 billion in 2,641 deals. Stock-by-stock analysis showed that AXA Mansard Insurance was the most active stock with a turnover of 189.88 million shares worth N484.31 million in 23 deals. Multiverse recorded two deals for 100 million shares worth N50 million while Guaranty Trust Bank placed third on the activity chart with a turnover of 62.64 million shares worth N1.44 billion in 372 deals.

“We believe today’s positive close was largely driven by advances in banking counters due to bargain hunting, meanwhile we think the bears still lurk around. Therefore, we retain our position that investors should continue to trade cautiously while maintaining a medium to long term horizon,” Afrinvest Securities, a Lagos-based securities firm, stated in post-trading comment.

On the other hand, oil and gas stocks topped the losers’ list. Mobil Oil Nigeria led with a drop of N5.97 to close at N150.01. Total Nigeria followed with a loss of N5 to close at N155. Conoil Nigeria declined by N3.98 to close at N36.87 per share. Lafarge Africa dropped by N1.85 to close at N101.24. Union Bank of Nigeria lost 30 kobo to close at N7.20 while Oando dropped by 21 kobo to close at N11.90 per share.

Read also: NSE LIVE! Equities open new month with modest gain

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