NSE LIVE! Equities open Nov with N11b gain

After largely negative trading sessions in October, Nigerian equities started November with a modest rally as bargain-hunters sought to rebuild their portfolios across the banking and fast moving consumer goods sectors.

With average turnover and more gainers than losers, the market sentiments on Tuesday were generally positive.

Emerging corporate earnings have shown that several quoted companies maintained steady growth in incomes and profit, raising optimism that in spite of the recession and tough inflationary operating environment, several companies might end the current business year with considerable earnings and dividend to shareholders.

The cautious optimism spurred the demand on Tuesday at the onset of the new month. Aggregate market value of all quoted companies on the Nigerian Stock Exchange (NSE) rose by N11 billion from its opening value of N9.350 trillion to close at N9.361 trillion.

The All Share Index (ASI), the value-based common index that tracks prices at the stock market, also showed a corresponding gain of 0.12 per cent to close at 27,252.48 points as against its opening index of 27,220.09 points. The modest rally pared the negative average year-to-date return to -.49 per cent.

Sectoral indices also underscored the renewed optimism that started the month. The NSE Banking Index appreciated by 0.4 per cent. The NSE Insurance Index rose by 0.1 per cent. The NSE Consumer Goods Index inched up by 0.03 per cent while the NSE Industrial Goods Index closed flat. The NSE Oil & Gas Index was the only decliner with a drop of 0.5 per cent.

Read also: Again oil prices drop as OPEC members split

Okomu Oil Palm led the 17-stock gainers’ list with a gain of N3.95 to close at N47. Guinness Nigeria followed with a gain of N2.09 to close at N82.09. Guaranty Trust Bank rose by 30 kobo to N23.80. Eterna gathered 28 kobo to close at N3.09. PZ Cussons Nigeria added 25 kobo to close at N17.75.

Red Star Express chalked up 20 kobo to close at N4.20. Dangote Flour Mills rose by 15 kobo to close at N3.97. Zenith Bank appreciated by 11 kobo to N14.81 while Flour Mills of Nigeria and FBN Holdings added 10 kobo each to close at N19.18 and N3.10 respectively.

Total turnover stood at 186.86 million shares valued at N1.31 billion in 3,065 deals. Investors continued to show preference for low-priced stocks, otherwise known as penny stocks. DN Tyre & Rubber was the unusual most active stock with 27.9 million shares valued at N13.95 million. Sterling Bank followed with 25.89 million shares worth N23.3 million while Transnational Corporation of Nigeria (Transcorp) placed third with 16.12 million shares worth N14.11 million.

On the negative side, International Breweries led the 16-stock losers’ list with a loss of 92 kobo to close at N19. UAC of Nigeria followed with a loss of 35 kobo to close at N19.20. Oando declined by 24 kobo to close at N4.70. Union Bank of Nigeria dropped by 22 kobo to close at N4.30. UACN Property Development Company slipped by 16 kobo to N3.09 while Nigerian Breweries lost 12 kobo to close at N146.01 per share.

 

 

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