Business

NSE LIVE! Equities rally N176bn in opening trades

Nigerian equities were overtly in a bullish mood on Monday as the stock market reopened to increase in bargain-hunting from investors taking positions ahead of the third quarter earnings season. Early filers have already started submitting their third quarter earnings report to the Nigerian Stock Exchange (NSE).

All value indices at the NSE indicated overwhelming positive sentiment. Benchmark indices indicated overall average gain of N176 billion, representing average day-on-day return of 1.41 per cent. With this, the average year-to-date return spiraled to 37.05 per cent.

Aggregate market value of all quoted equities rose from its opening value of N12.502 trillion to close at N12.678 trillion. The All Share Index (ASI)-the main index that tracks share prices at the Exchange, also trended upward from its index-on-board of 36,320.93 points to close at 36,831.93 points.

All sectoral indices closed positive, underlining the market-wide buy sentiments that marked transactions on Monday. The NSE Banking Index and NSE Oil & Gas Index recorded a gain of 1..3 per cent each. The NSE Industrial Goods Index rose by 1.2 per cent. The NSE Insurance Index appreciated by 0.5 per cent while the NSE Consumer Goods Index rose by 0.4 per cent.

Read Also : ‘A population of over 200M can’t continue to import basic needs on a daily basis’- Dangote
There were 27 advancers against 21 decliners. Total Nigeria led the advancers with a gain of N12 to close at N253. Nestle Nigeria followed with a gain of N7.05 to close at N1,230.06. Dangote Cement rose by N6.39 to close at N224. International Breweries chalked up N1.90 to close at N39.90 while Guaranty Trust Bank and Flour Mills of Nigeria rose by N1.32 each to close at N42.02 and N27.87 respectively.

On the negative side, Lafarge Africa led the decliners with a loss of 42 kobo to close at N56.89. Cadbury Nigeria dropped by 33 kobo to close at N10. PZ Cussons Nigeria declined by 31 kobo to close at N23.24. Dangote Sugar Refinery lost 18 kobo to close at N13.80 while Presco declined by 17 kobo to close at N67.83 per share.

Total turnover stood at 262.16 million shares valued at N3 billion in 4,283 deals. The three most active stocks were Diamond Bank, with 76.25 million shares; Access Bank, 28.13 million shares while Zenith Bank recorded a turnover of 23.66 million shares.

“We attribute today’s positive close to investor expectation of third quarter 2017 earnings results. In subsequent sessions, we expect market to remain upbeat as early bird investors continue to position in equities ahead of earnings releases,” Afrinvest Securities stated in post-trading review.

 

 

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Join the conversation

Opinions

About the author

Editor

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.