Nigerian equities opened on Monday with widespread positive sentiments as investors increased demand for banking and consumer goods stocks. Average gain at the Nigerian Stock Exchange (NSE) stood at 0.49 per cent.
Aggregate market capitalisation of all quoted equities on the NSE rose from its opening value of N8.841 trillion to close at N8.884 trillion, representing a gain of N43 billion. The All Share Index (ASI)-the common value-based index that tracks prices of all quoted equities, also rose from its opening index of 25,701.60 points to close at 25,828.30 points. With this, average year-to-date return improved to -9.82 per cent.
With 29 gainers to 18 losers, the upside was boosted by gains recorded by several highly capitalised stocks in the banking and consumer goods sectors. The NSE Banking Index rose by 2.1 per cent while the NSE Consumer Goods Index appreciated by 0.6 per cent. However, the NSE Insurance Index declined by 1.0 per cent. The NSE Oil and Gas Index dropped by 0.4 per cent while the NSE Industrial Goods Index slipped by 0.06 per cent.
Unilever Nigeria led the gainers with a gain of N3.30 to close at N35.54. Nigerian Breweries rose by N1.62 to close at N116.70. Flour Mills of Nigeria added N1.06 to close at N23.40. Zenith Bank gathered 60 kobo to close at N13.75. UAC of Nigeria added 59 kobo to close at N18.60 while Guaranty Trust Bank chalked up 53 kobo to close higher at N18.
Total turnover stood at 559.95 million shares valued at N6.44 billion in 3,655 deals. The three most active stocks were Ecobank Transnational Incorporated, with 244.58 million shares; Access Bank, 161.61 million shares and Transnational Corporation of Nigeria, which recorded turnover of 24.67 million shares.
“With the end of earnings season in sight, the strong bullish sentiment in the market today could be attributable to investors’ excitement over the eventual “kick-off” of the 2016 fiscal year. Nonetheless, we expect the positive momentum to moderate in subsequent trading sessions as short-term investors start to book profit,” Afrinvest Securities stated.
On the negative side, Total Nigeria led the losers with a loss of N5 to close at N152. GlaxoSmithKline Consumer Nigeria followed with a loss of N1.07 to close at N20.36. Cadbury Nigeria dropped by 82 kobo to close at N15.64. Forte Oil declined by 66 kobo to close at N219.26 while Berger Paints dropped by 42 kobo to close at N8.11 per share.
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