After two consecutive trading sessions that saw a loss of N241 billion, Nigerian equities rallied back on Thursday as investors sought to take advantage of the recent decline in share prices.
Benchmark indices at the Nigerian Stock Exchange (NSE) showed marginal increase of 0.05 per cent.
With 25 decliners to 17 advancers, the positive overall market situation was driven largely by gains recorded by some highly capitalised stocks. The listing of additional shares by Unilever Nigeria and Transnationwide Express also boosted the market capitalisation.
Aggregate market value of all quoted equities rose from its opening value of N12.673 trillion to close at N12.750 trillion. The All Share Index (ASI)-the common value-based index that tracks share prices, appreciated to 36,634.89 points as against its opening index of 36,617.45 points. The marginal gain nudged the average year-to-date return to 36.32 per cent.
Most sectoral indices closed negative, underlining the widespread sell pressure across the sectors. The NSE Insurance Index declined by 0.8 per cent. The NSE Oil & Gas Index dropped by 0.2 per cent. The NSE Consumer Goods Index dipped by 0.1 per cent while the NSE Industrial Goods Index closed flat.
Mobil Oil Nigeria led the advancers with a gain of N5 to close at N170. Seven-Up Bottling trailed with a gain of N4 to close at N90. International Breweries rose by N1.80 to close at N51.80. PZ Cussons Nigeria gathered a gain of N1.02 to close at N21.42. Guaranty Trust Bank added 60 kobo to close at N43.10 while BOC Gases chalked up 41 kobo to close at N4.56 per share.
On the downside, Seplat Petroleum Development Company led the decliners with a loss of N5 to close at N490. Guinness Nigeria dropped by N1 to close at N100. Nigerian Breweries dipped by 85 kobo to close at N138.15. Nascon Allied Industries lost 33 kobo to close at N14.30. Dangote Sugar Refinery dropped by 30 kobo to close at N14.25. FBN Holdings declined by 28 kobo to close at N6.62 while Eterna lost 23 kobo to close at N3.76 per share.
Turnover stood at 217.75 million shares valued at N11.71 billion in 3,088 deals. Nigerian Breweries topped the activities chart with a turnover of 68.29 million shares worth N9.49 billion. Zenith Bank occupied a distant second position with 18.63 million shares worth N448.73 million while Access Bank was the third most active with 14.42 million shares valued at N142.19 million.
“The marginal rebound recorded today was in line with our expectation after the large selloffs in prior trading sessions. We expect the market to further claw back gains in tomorrow’s session on bargain hunting,” Afrinvest Securities stated.
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