Business

NSE LIVE! Equities rally N229bn gain as investors stake N2.25bn on GTBank

NSE LIVE! Equities’ rally gathers momentum with N28bn gain

Nigerian equities market continued on the upward trend as bargain-hunting for dividend-paying stocks spurred a market-wide rally that left investors with net capital gain of N229 billion. The strong start raised optimism that the market might outperform the previous week, when it posted a full-week net capital gain of N126 billion.

Benchmark indices at the Nigerian Stock Exchange (NSE) indicated average gain of 1.49 per cent, equivalent to net capital gain of N229 billion. With this, the average year-to-date return spiralled to 13.78 per cent.

The All Share Index (ASI)-the common value-based index that tracks share prices at the Exchange, closed at 43,513.93 points from its opening index of 42,876.23 points. Aggregate market value of all quoted equities rose from its opening value of N15.403 trillion to close at N15.632 trillion.

“We look for sustained gains, as fourth quarter 2017 earnings expectations continue to support bullish sentiments,” Cordros Capital stated.

All sectoral indices closed positive with the NSE Oil & Gas Index leading with above-average gain of 4.8 per cent. The NSE Industrial Goods Index rose by 2.2 per cent. The NSE Insurance Index appreciated by 0.8 per cent. The NSE Banking Index rose by 0.4 per cent while the NSE Consumer Goods Index inched up by 0.02 per cent.

Read also: Senate, FG disagree over cause of delay of 2018 budget

There were 32 advancers against 25 decliners. Oil and gas stocks led the advancers. Seplat Petroleum Development Company led with a gain of N59.90 to close at N760. Total Nigeria followed with a gain of N11.50 to close at N254. Dangote Cement rose N10 kobo to close at N275. Presco added N5.25 to close at N78 while Beta Glass garnered N3.60 to close at N75.70.

Mobil Oil Nigeria led the decliners with a loss of N2 to close at N175. Guinness Nigeria dropped by N1.70 to close at N98. Nigerian Breweries lost N1.10 to close at N129.90. Flour Mills of Nigeria dipped by 55 kobo to close at N33.05 while Zenith Bank lost 45 kobo to close at N31.10 per share.

Total turnover stood at 252.05 million shares valued at N5.75 billion in 4,270 deals. Guaranty Trust Bank was the most active stock with a turnover of 45.99 million shares valued at N2.25 billion. Access Bank followed with a turnover of 28.67 million shares worth N383.05 million while FBN Holdings placed third with 25.42 million shares worth N292.67 million.

“This week, full-year 2017 earnings scorecard is expected to remain the dominant theme in shaping investors’ sentiment and consequently, market direction,” SCM Capital stated.

 

RipplesNigeria… without borders, without fears

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

Ripples Nigeria

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

Join the conversation

Opinions

About the author

Ripples Nigeria

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

Do NOT follow this link or you will be banned from the site!