Business

NSE LIVE! Equities in marginal recovery as selling sentiments linger

Published

8 years ago

October 30, 2015

In from Success Allantee . . .
The overall market position of the Nigerian stock market closed positive on Thursday after strong rallies by fast moving consumer goods (FMCG) giants, but the widespread selling sentiments continued in the background with more than two decliners for every gainer recorded during the five-hour trading session.
After six days of consecutive declines, the stock market took a breather on Thursday as Nigerian Breweries, Nigeria’s second most capitalised quoted company, led a rally of FMCGs to mitigate widespread losses among most traded equities.
The All Share Index (ASI), the value-based common index that tracks prices of all quoted equities on the Nigerian Stock Exchange (NSE), inched up by 0.17 per cent to close at 29,446.95 points as against its opening index of 29,396.31 points. Aggregate market value of all quoted equities also rose correspondingly by N17 billion from N10.103 trillion to close at N10.120 trillion. The marginal gain helped to reduce the negative average year-to-date return to -15.03 per cent.
Nigerian Breweries led 11 other stocks on the gainers’ list with a gain of N9.13 to close at N144.16. Nestle Nigeria, the market’s highest-priced stock, followed with a gain of N6 to close at N836. Both Nigerian Breweries and Nestle Nigeria had declared interim dividends recently. Flour Mills of nigerioa rose by 72 kobo to close at N21.78. Stanbic IBTC Holdings, which released its third quarter report, found a cushion against the backlash of this week’s controversial regulatory action by Financial Reporting Council (FRC), rising by 67 kobo to close at N19.87. Ecobank Transnational Incorporated added 47 kobo to close at N18.60 per share.

Ironically, Nigerian Breweries’ main competitor, Guinness Nigeria led the larger group of 27 decliners, dropping by N3.29 to close at N125.05. UAC of Nigeria followed with a loss of N2.78 to close at N26.22. Julius Berger Nigeria declined by N1.18 to close at N38.81. Dangote Cement, the market’s most capitalised stock, dropped by 94 kobo to close at N164.06. UACN Property Development Company lost 72 kobo to close at N7.03. Oando declined by 70 kobo to close at N6.65 while Guaranty Trust Bank and Berger Paints lost 48 kobo each to close at N23.07 and N9.31 respectively.
Total turnover stood at 257.69 million shares valued at N2.82 billion in 2,882 deals. The three most actively traded stocks, in terms of volume, were Guinea Insurance, 100 million shares; Diamond Bank, 30.15 million shares and FBN Holdings, which recorded a turnover of 16.25 million shares.

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