Nigerian equities braced against the loss of N215 billion last week to regain N114 billion on Monday as the stock market reopened to significant bargain-hunting across the sectors.
Benchmark indices at the Nigerian Stock Exchange (NSE) indicated average day-on-day return of 1.3 per cent, equivalent to a net capital gain of N114 billion. The All Shares Index (ASI), the value-based common index that tracks prices at the Exchange, rose by 1.3 per cent from 26,251.39 points to close at 26,580.22 points.
With 20 advancers to 16 decliners, total market value of all quoted equities rose by N114 billion from N9.032 trillion to close at N9.146 trillion. Price analysis showed widespread positive sentiments across many sectors, especially within the highly capitalised stocks.
Most sectoral indices closed on positive, underlining the spread of positive sentiments. The NSE Banking Index recorded the highest gain of 4.0 per cent. The NSE Industrial Goods Index rose by 0.6 per cent. The NSE 30 Index, which tracks the 30 most capitalised stocks, rose by 1.3 per cent while the NSE Insurance Index inched up by 0.3 per cent. However, the NSE Consumer Goods Index declined by 0.18 per cent while the NSE Oil & Gas Index slipped by 0.27 per cent.
Nigeria’s most capitalised quoted company, Dangote Cement, led the gainers with a gain of N2 to close at N169. Guaranty Trust Bank, the most capitalised banking stock, followed with a gain of N1.06 to close at N24.60. Total Nigeria, the highest priced downstream oil major, rose by N1 to close at N300. Zenith Bank added 72 kobo to close at N15.49. United Capital rose by 29 kobo to close at N3.31 per share. United Bank for Africa (UBA) and Access Bank chalked up 23 kobo each to close at N4.91 and N6.51 respectively. Africa Prudential Registrars added 17 kobo to close at N3.19 while Ecobank Transnational Incorporated rose by 15 kobo to N10.
On the other hand, Seven-Up Bottling Company led the losers with a loss of N6.45 to close at N122.55. Ashaka Cement dropped by 57 kobo to close at N10.86. Cadbury Nigeria lost 47 kobo to close at N9.03. Forte Oil declined by 21 kobo to close at N80.37. Capital Hotel dropped by 17 kobo to close at N3.33 per share. Oando lost 14 kobo to close at N4.55. Nigerian Aviation Handling Company slipped by 13 kobo to N2.59 while Champion Breweries and Eterna declined by 10 kobo each to close at N2.37 and N3.20 respectively.
Total turnover stood at 209 million shares valued at N1.4 billion in 3,423 deals. Fidelity Bank was the most active stock with a turnover of 33.85 million shares valued at N30.2 million. Access Bank followed with 29.23 million shares worth N189.74 million while United Capital recorded a turnover of 19.66 million shares worth N64.58 million.
“We advise investors to trade cautiously and stay invested in the value stocks,” Afrinvest Securities, a Lagos-based broker-dealer at the Exchange, advised in obvious cautious optimism on the sustainability of the rally.
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