NSE LIVE! Equities rebound with N42b gain

Nigerian equities regained the uptrend on Tuesday, riding on the back of gains by large-cap stocks to reverse the losses that started the week.

 

Key market indices showed average net gain of 0.46 per cent, equivalent to about N42 billion in the five-hour trading session.

 

Aggregate market value of all quoted companies on the Nigerian Stock Exchange (NSE) improved from N9.400 trillion to close at N9.442 trillion. The All Share Index (ASI), the main index that tracks prices at the Exchange, also improved simultaneously from 27,368.41 points to close at 27,493.12 points.

 

With 17 advancers to 18 decliners, the positive overall market situation was driven by gains recorded by highly capitalised stocks including three of the four most capitalised companies. The gain on Tuesday moderated the negative average year-to-date return to -4.01 per cent.

 

Sectoral indices showed mixed performance as investors juggle transactions from one sector to another. The NSE Consumer Goods Index appreciated by 0.7 per cent. The NSE Industrial Goods Index rose by 0.6 per cent while the NSE Insurance Index inched up by 0.1 per cent.

 

However, the NSE Banking Index declined by 0.5 per cent while the NSE Oil and Gas Index depreciated by 0.6 per cent.

 

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Seven-Up Bottling Company led the gainers with a gain of N11.01 to close at N127.99. Mobil Oil Nigeria followed with a gain ofN8.13 to close at N170.78. Dangote Cement, the most capitalised stock , rallied N2 to close at N175.50. Nigerian Breweries, the second most capitalised stock, rose by N1.73 to close at N140. Presco gathered N1.01 to close at N41.50.

 

Nigerian Aviation Handling Company rose by 27 kobo to N3.50 while Guaranty Trust Bank and Ecobank Transnational Incorporated appreciated by 15 kobo each to close at N26.10 and N11.50 respectively.

 

On the other hand, Forte Oil led the losers with a loss of N2 to close at N175. Conoil declined by N1.08 to close at N20.57. Unilever Nigeria dropped by 75 kobo to close at N39.

 

Zenith Bank lost 35 kobo to close at N14.95. United Bank for Africa declined by 11 kobo to close at N4.34 while Africa Prudential Registrars dropped by 10 kobo to close at N2.55 per share.

 

Total turnover stood at 230.13 million shares valued at N2.74 billion in 3,536 deals. The most active stock was Ecobank Transnational Incorporated with a turnover of 53.51 million shares valued at N607.72 million.

 

NEM Insurance followed with 30.04 million shares worth N25.07 million while United Bank for Africa recorded a turnover of 19.88 million shares valued at N86.89 million.

 

“Despite subsisting weak macroeconomic fundamentals and high discount rate anchoring investor sentiment, market performance today was dictated by bargain hunting as short term investors continue speculative activities. Nonetheless, we do not expect the bullish trend to persist and expect the market to continue to trade sideways,” Afrinvest Securities stated.

 

 

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