NSE LIVE! Equities open with marginal gain amidst profit-taking

Nigerian equities reopened on Monday with a tinge of profit-taking trend that saw mot equities closing lower, but gains by some large-cap stocks buoyed the overall market position.

 

While there were 23 losers against 16 gainers, gains by large-cap stocks in the building materials, breweries and banking sectors nudged the overall market position with a modest gain of 0.06 per cent.

 

Total market capitalisation of all quoted equities on the Nigerian Stock Exchange (NSE) rose from N9.703 trillion to close at N9.709 trillion, representing net capital gain of N6 billion.

 

The All Share Index (ASI), the value-based common index that tracks prices at the stock market, recorded marginal gain of 0.06 per cent from its opening index of 28,247.07 points to close at 28,263.16 points. Sectoral indices showed the mixed of profit-taking and bargain-hunting across the sectors.

 

The NSE Consumer Goods Index rose by 0.4 per cent. The NSE Insurance Index inched up by 0.2 per cent while the NSE Banking Index declined by 0.3 per cent.

 

Total Nigeria led the advancers with a gain of N4.25 to close at N299.25. Nigerian Breweries followed with a gain of N1.48 to close at N145. Flour Mills of Nigeria rose by N1 to close at N21.04. Cadbury Nigeria gathered 78 kobo to close at N16.53. Dangote Cement rose by 47 kobo to close at N182.50.

 

Ecobank Transnational Incorporated rose by 14 kobo to close at N11.50. Dangote Flour Mills inched up 13 kobo to close at N3.86 while FBN Holdings and Champions Breweries added 10 kobo each to close at N3.20 and N2.60 respectively.

 

Read also: NSE Roundup! Nigerian equities buck African trend with N133b gains

 

On the downside, Seven-Up Bottling Company led the losers with a loss of N5.45 to close at N144.55. Conoil declined by N3.50 to close at N39. Beta Glass dropped by N3.39 to close at N31.51 Forte Oil dropped by N2.11 to close at N161 while Oando lost 29 kobo to close at N5.59 per share.

 

Total turnover stood at 249.76 million shares valued at N1.96 billion in 3,170 deals. Banking stocks continued to dominate top activities’ chart. The most active stock was Fidelity Bank with 52.01 million shares valued at N46.81 million. Diamond Bank followed with 28.33 million shares worth N34 million while Access Bank placed third with 28.23 million shares worth N156.71 million.

 

After two weeks of sustained uptrend, market analysts had expected a tinge of profit-taking as investors seek to lock in capital gains recorded over the past weeks. However, expectations on the third quarter earnings of companies may continue to drive bargain-hunting for equities.

 

Analysts at Afrinvest Securities noted that “market performance has remained dictated by short term momentum trading in the absence of noteworthy sentiment drivers”.

 

“Hence, we expect sentiment to remain broadly soft for the week as profit-taking may persist in subsequent sessions,” Afrinvest Securities, a Lagos-based trader on the NSE, stated.

 

 

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