NSE LIVE! Equities in marginal recovery with N6bn gain

After three successive negative trading sessions, Nigerian equities staged a rebound on Wednesday as bargain-hunters returned to take advantage of low share prices.

The market situation however remained tight, with 18 gainers against 17 losers.

Aggregate market value of all quoted companies on the Nigerian Stock Exchange (NSE) inched up by N6 billion from its opening value of N8.816 trillion to close at N8.822 trillion. The benchmark index for the market, the All Share Index (ASI) also rose marginally by 0.07 per cent from the index on board of 25,478.06 points to close at 25,496.71 points. The average year-to-date return was steadied at -5.13 per cent.

Sectoral indices showed mixed performance across the sectors. The NSE Banking Index rose by 0.8 per cent. The NSE Insurance Index rallied by 0.5 per cent while the NSE Consumer Goods Index gained 0.3 per cent. On the other hand, the NSE Industrial Goods Index slumped by 2.3 per cent while the NSE Oil & Gas Index declined by 0.6 per cent.

Nigerian Breweries, NSE’s second most capitalised stock, led the gainers with a gain of N1.50 to close at N123.50. Flour Mills of Nigeria followed with a gain of 49 kobo to close at N17.99. Guaranty Trust Bank added 42 kobo to close at N24.87. Oando rose by 16 kobo to close at N5.48 while FBN Holdings added 10 kobo to close at N3.19 per share.

Total turnover stood at 247.67 million shares valued at N1.25 billion in 2,909 deals. Banking stocks continued to dominate transactions. Fidelity Bank was the most active stock with a turnover of 97.57 million shares valued at N97.55 million. FCMB Group followed with 36.13 million shares valued at N40.23 million while Access Bank placed third with 17.8 million shares valued at N17.8 million shares.

On the negative side, Seplat Petroleum Development Company led the losers with a loss of N8 to close at N390. Lafarge Africa followed with a drop of N2.37 to close at N45.13. Mobil Oil Nigeria declined by N1.99 to close at N324.01. Unilever Nigeria lost N1.75 to close at N33.25 while Ashaka Cement dropped by 47 kobo to close at N9.03 per share.

“Furthermore, given the improved sentiment in the market, we expect this positive trend to be sustained in the trading session ahead,” Afrinvest Securities stated.

 

 

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