Connect with us

Business

NSE LIVE! Equities rally N42bn gains in opening trades

Published

on

NSE LIVE! Equities rally N42bn gains in opening trades

Nigerian equities opened this week on a positive note as increased bargain-hunting spurred the market to a net capital gain of N42 billion.

Investors showed improved appetite for quoted equities as investors sought to take advantage of low valuations and dividend outlook.

The All Share Index (ASI), the value-based common index that tracks prices at the Nigerian Stock Exchange (NSE), rose by 0.49 per cent to close at 25,373.42 points as against its opening index of 25,250.37 points. Aggregate market value of all quoted equities also rose from N8.739 trillion to close at N8.781 trillion, representing a gain of N42 billion. The average year-to-date return thus moderated to -5.59 per cent.

With 17 advancers to 17 decliners, the overall market situation remained tight but bargain-hunting transactions on highly capitalised stocks boosted the overall market position. Positive earnings report by Zenith Bank International also boosted the outlook for quoted equities.

Most sectoral indices showed a largely positive market. The NSE Oil & Gas Index appreciated by 1.7 per cent. The NSE Banking Index rose by 1.0 per cent while the NSE Consumer Goods Index inched up by 0.7 per cent. However, the NSE Insurance Index declined by 0.4 per cent while the NSE Industrial Goods Index closed flat.

Read also: NSE RoundUp! Nigerian, African equities in modest rally amidst global pause

Seplat Petroleum Development Company led the gainers with a gain of N18to close at N388. Nigerian Breweries followed with a gain of N2 to close at N132. Guaranty Trust Bank rallied 57 kobo to close at N24.62. Unilever Nigeria added 50 kobo to close at N29 while UAC of Nigeria chalked up 40 kobo to close at N13.

Total turnover stood at 254.74 million shares valued at N2.54 billion in 3,373 deals. Zenith Bank was the most active stock with a turnover of 69.11 million shares.

On the negative side, Seven-Up Bottling Company led the losers with a loss of N6.50 to close at N100. Mobil Oil Nigeria dropped by N5 to close at N280. Cadbury Nigeria lost 45 kobo to close at N8.55. University Press dropped by 21 kobo to N4.03 while Forte Oil lost 15 kobo to close at N50.20.

“We expect renewed interest in the market as more results are released in anticipation of dividend declaration following the impressive earnings release by Zenith Bank,” analysts at SCM Capital stated.

Analysts at Afrinvest Securities stated that market performance would be broadly determined by investors’ reaction to corporate scorecards of bellwethers due for release this week.

 

 

 

 

RipplesNigeria ….without borders, without fears

Click here to download the Ripples Nigeria App for latest updates

 

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Click to comment

0 Comments

  1. Margret Dickson

    February 28, 2017 at 7:48 am

    I’ve learnt never to underestimate any firm, if you don’t know what they do or understand how they carry out their business(es), leave them or ask questions to know more. It’s my first time hearing about Seplat Petroleum Development Company that lead NSE, there are more popular petroleum companies, but Seplat? The company is not among my list of popular petroleum companies. More grease to their elbow.

  2. Johnson Amadi

    February 28, 2017 at 7:50 am

    When investors are happy and elated to do business, the stock exchange market will definitely feel their impacts. I think Nigeria is gradually becoming more conducive for investors and I hope it will maintain this positive results as well.

  3. Balarabe musa

    February 28, 2017 at 4:09 pm

    Something is wrong with seven up bottling company. This is their 3rd time consecutive falls in loss at the stock market, they better fold up.

    • seyi jelili

      February 28, 2017 at 7:06 pm

      People are now afraid of diabetes so they are avoiding their products as money no too dey and no one will want to use the little money wey dey treat sickness.

      • Joy Madu

        March 1, 2017 at 4:07 am

        No one want to sick Neither would anyone want to spend money.if they find out they are losing they should close the company down

Leave a Reply

Your email address will not be published. Required fields are marked *

5 × 1 =