NSE LIVE! Equities’ rally gathers momentum
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NSE LIVE! Equities’ rally gathers momentum

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NSE RoundUp! Nigerian equities lead global rally with N677bn gain

The modest recovery that started on Wednesday at the Nigerian stock market widened on Thursday as the release of audited report by oil major, Conoil, enlivened the rally.

 

With more than two advancers for every decliner, the market entered a firm bullish situation on Thursday, leaving investors with net capital gain of N18 billion over the five hours of trading.

 

There were 23 gainers against 11 losers in a bargain market that saw demand substantially shifted to low-priced banking stocks.

 

Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) increased from its opening value of N9.454 trillion to close at N9.472 trillion, representing additional gain of N18 billion.

 Read Also : Why Nigeria wants to borrow N2.23trn from local markets

The All Share Index (ASI), the value-based common index for quoted equities, also appreciated by 0.19 per cent from 27,522.62 points to close at 27,574.09 points. The two-day sustained uptrend moderated the negative average year-to-date return to -3.73 per cent.

 

Most sectoral indices also closed in the positive, underlining the widespread positive sentiments in the market. The NSE Consumer Goods Index rose by 1.0 per cent. The NSE Oil & Gas Index rallied 0.6 per cent. The NSE Insurance Index gained 0.3 per cent while the NSE Industrial Goods Index closed flat. However, the NSE Banking Index dropped by 0.2 per cent.

 

Nestle Nigeria, NSE’s highest-priced stock, led the rally with a gain of N4.99 to close at N830. Seplat Petroleum Development Company followed with a gain of N4.80 to close at N325. Seven-Up Bottling Company rose by N2.34 to close at N140.

 

Nigerian Breweries gathered N2.30 to close at N142.50 while Conoil added N1.02 to close at N21.59.

 

Demand appeared to be titled towards low-price banking stocks. United Bank for Africa was the most active stock with 66.99 million shares valued at N302.43 million. Skye Bank followed with 33.26 million shares valued at N21.93 million while FBN Holdings recorded a turnover of 24.04 million shares worth N74.12 million. Altogether, total turnover stood at above recent average at 242.74 million shares worth N1.73 billion in 3,067 deals.

 

On the negative side, Julius Berger Nigeria recorded the highest loss of N4.25 to close at N39.44. Flour Mills of Nigeria dropped by 71 kobo to close at N19.04. United Bank for Africa declined by 19 kobo to N4.40. Ecobank Transnational Incorporated dropped by 16 kobo to N11.50 while Caverton Offshore Support Group lost 12 kobo to close at N1.21 per share.

 

“Market performance this week has followed a sideways trading pattern with the index swinging between soft gains and marginal losses, while activity level has remained soft. We expect the market to continue trading in this pattern as appetite for equities remains weak,” Afrinvest Securities stated on the topsy-turvy nature of price changes recently.

 

 

 

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