NSE LIVE! Equities open with N417bn gain

Nigerian equities opened this week with a stronger momentum as investors continued to scramble for quoted shares.

After gaining N797 billion last week, equities opened this week with a net capital gain of N417 billion on Monday with most equities setting new highs.

Benchmark indices showed an average gain of 3.85 per cent, equivalent to a net capital gain of N417 billion, the highest daily gain since January 2016. The average-year-to-date return surged to 21.22 per cent.

Aggregate market value of all quoted equities at the Nigerian Stock Exchange (NSE) rose from opening value of N10.845 trillion to close at N11.262 trillion. The All Share Index (ASI)-the value-based common index that tracks prices at the Exchange, rallied from opening index of 31,371.63 points to close at 32,578.38 points.

Read also:  NSE RoundUp! Stocks hit high as Nigerian equities lead global markets with N797bn gain

With more than three advancers to every decliner, all sectoral indices showed widespread positive sentiments. The NSE Industrial Goods Index led the rally with a gain of 6.5 per cent. The NSE Oil &Gas Index rose by 3.3 per cent. The NSE Banking Index appreciated by 1.8 per cent. The NSE Insurance Index rose by 1.1 per cent while the NSE Consumer Goods Index inched up by 0.2 per cent.

There were 44 gainers against 13 losers. Nestle Nigeria, the highest-priced stock at the Exchange, led the gainers with a gain of N36.24 to close at N955. Mobil Oil Nigeria followed with a gain of N29.72 to close at N319.72. Dangote Cement rose by N17.07 to close at N210. Total Nigeria added N5 to close at N270 while Conoil gathered N3.82 to close at N41.17.

On the other hand, Nigerian Breweries led the losers with a loss of N4.55 to close at N155.50. Union Dicon Salt declined by 70 kobo to close at N13.45. PZ Cussons Nigeria dropped by 27 kobo to close at N19. Cutix slipped by 9.0 kobo to N2.02 while International Breweries dropped by 6.0 kobo to close at N24.13 per share.

Total turnover stood at 640.43 million shares valued at N7.68 billion in 7,024 deals. FBN Holdings was the most active stock with 90.56 million shares worth N639.2 million. FCMB Group followed with 84.59 million shares worth N109.5 million while Fidelity Bank placed third with 69.55 million shares valued at N89.42 million.

“We maintain our stance on the upbeat market performance being buoyed by developments in foreign exchange market and macroeconomic fundamentals. We expect to see a sustained positive momentum going forward as foreign and domestic money managers continue to rotate to value equities still trading below pre-crisis valuation multiples,” Afrinvest Securities stated.

 

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