The market situation at the Nigerian stock market on Thursday turned into a full blown bullish rally with more than two advancers for every decliner.
With increased buy orders across the sectors, equities recorded a day-on-day return of N38 billion on Thursday, equivalent to average gain of 0.22 per cent.
The All Share Index (ASI)-the common value-based index that tracks prices at the Nigerian Stock Exchange (NSE), rallied to close at 36,688.75 points as against its opening index of 36,608.76 points. Aggregate market value of all quoted equities also rose from its opening value of N12.745 trillion to close at N12.773 trillion. The average year-to-date return thus improved to 36.52 per cent.
All sectoral indices trended upward with the exception of the NSE Industrial Goods Index, which dropped by 0.05 per cent. The NSE Banking Index recorded above-average gain of 0..8 per cent. The NSE Oil and Gas Index posted a gain of 0.5 per cent. The NSE Consumer Goods Index trailed with a gain of 0.4 per cent while the NSE Insurance Index inched up by 0.2 per cent.
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There were 29 advancers against 11 decliners during the five-hour trading session. Seplat Petroleum Development Company led the advancers with a gain of N5 to close at N495. Seven-Up Bottling Company followed with a gain of N2.50 to close at N92.50. International Breweries rose by N2.14 to close at N53.94. Nestle Nigeria appreciated by N1.90 to close at N1,301.90. Flour Mills of Nigeria chalked up 60 kobo to close at N32.10. Zenith Bank added 45 kobo to close at N25 while Dangote Sugar Refinery and Cadbury Nigeria gathered 38 kobo each to close at N15.80 and N11.78 respectively.
Also, the momentum of activities also picked up considerably as total turnover rose to 513.80 million shares valued at N6.45 billion in 4,243 deals. Banks dominated the top activities chart. The three most active stocks were: United Bank for Africa, with 116.63million shares; Access Bank, 98.33 million shares and Zenith Bank, which recorded 90.28mn.
On the downside, Stanbic IBTC Holdings led the decliners table with a drop of N1.50 to close at N40.50. PZ Cussons Nigeria dropped by N1.23 to close at N23.42. Cement Company of Northern Nigeria lost 30 kobo to close at N8.97. Okomu Oil Palm declined by 20 kobo to close at N68 while Champion Breweries dipped by 10 kobo to close at N2.05 per share.
“In line with expectation, market performance was positive at the close of trade while activity level and investor sentiment improved. We expect market performance to stay positive in the near term as investors’ position ahead of anticipated year-end rally,” Afrinvest Securities stated.
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