For the fourth consecutive trading session, Nigerian equities sustained a positive outlook as investors continued bargain-hunting for stocks.
Benchmark indices at the Nigerian Stock Exchange (NSE) showed average gain of 0.65 per cent on Tuesday, equivalent to net capital gain of N73 billion.
With 24 advancers to 20 decliners, the market situation showed strong rally within the mid and large-cap stocks. The All Share Index (ASI)-the value-based index that tracks prices at the NSE, rose from its opening index of 32,614.60 points to close at 32,827.98 points. Aggregate market value of all quoted equities increased from its opening value of N11.241 trillion to close at N11.314 trillion. The average year-to-date return consequently increased to 22.15 per cent.
All sectoral indices closed positive, underlining the widespread positive sentiments that marked pricing trend on Tuesday. The NSE Banking Index rallied by 2.0 per cent. The NSE Insurance Index rose by 0.6 per cent. The NSE Industrial Goods Index rose by 0.3 per cent. The NSE Consumer Goods Index rose by 0.2 per cent while the NSE Oil & Gas Index inched up by 0.03 per cent.
Okomu Oil Palm led the advancers with a gain of N2.83 to close at N59.48. Dangote Cement followed with a gain of N1.28 to close at N206.21. Nigerian Breweries rallied N1.25 to close at N154.26. Guaranty Trust Bank appreciated by 89 kobo to close at N35.51. Zenith Bank rose by 71 kobo to close at N22.02. PZ Cussons Nigeria chalked up 50 kobo to close at N21.50 per share. Oando rose by 35 kobo to close at N8.40. Ecobank Transnational Incorporated added 24 kobo to close at N13.11. Access Bank rose by 22 kobo to close at N9.80 while Dangote Sugar Refinery rose by 20 kobo to close at N8.90 per share.
On the downside, Total Nigeria led the decliners with a loss of N6.01 to close at N259.99. Presco declined by N3.39 to close at N64.54. Guinness Nigeria lost N2 to close at N60. Unilever Nigeria declined by N1 to close at N33. Stanbic IBTC Holdings dropped by 74 kobo to close at N30.26. Cadbury Nigeria dipped by 59 kobo to close at N11.40 per share. Union Bank of Nigeria dropped by 25 kobo to close at N5.23 while UAC of Nigeria declined by 25 kobo to close at N17.
Investors exchanged a total of 218.76 million shares valued at N2.11 billion in 4,991 deals. United Bank for Africa was the most active stock with 35.26 million shares worth N316.99 million. Niger Insurance followed with 20 million shares worth N10 million while Zenith Bank traded 18.28 million shares valued at N401.29 million.
“Whilst the reduction in market breadth is suggestive of softer sentiment towards equities, we expect investors to take position in value stocks in subsequent sessions in anticipation of positive half year corporate releases,” analysts at Afrinvest Securities stated in post-trading review.
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