NSE LIVE! Equities recover amidst renewed bargain-hunting

Nigerian equities heaved a sigh of relief on Wednesday as bargain-hunters sought to take advantage of low share prices after eight consecutive negative trading sessions brought average share value to its lowest in seven months.

Benchmark indices at the Nigerian Stock Exchange (NSE) showed a broad recovery as investors increased buy orders for quoted equities. Average day-on-day return restarted on the positive side with a gain of 0.22 per cent, equivalent to capital gains of N19 billion.

The All Share Index (ASI), the common value-based index that tracks prices at the stock market, rose from opening index of 25,461.34 points to close at 25,517.00 points. With 19 advancers to 11 decliners, aggregate market value of all quoted equities rose from its opening value of N8.765 trillion to close at N8.784 trillion. The modest gain moderated the negative average year-to-date return to -10.91 per cent.

Most sectoral indices also showed improved buying sentiments across the sectors. The NSE Banking recorded a return of 0.75 per cent. The NSE Consumer Goods Index appreciated by 0.50 per cent. The NSE Insurance Index rose by 0.20 per cent while the NSE Industrial Goods Index inched up by 0.1 per cent. However, the NSE Oil & Gas Index declined by 1.2 per cent.

Read also: NSE LIVE! Equities slump to 7-month low

Nestle Nigeria, Nigeria’s highest-priced stock, led the rally with a gain of N10 to close at N810. CAP followed with a gain of 93 kobo to close at N33. Flour Mills of Nigeria rose by 89 kobo to close at N18.74. PZ Cussons Nigeria added 71 kobo to close at N15.20. GlaxoSmithKline Consumer Nigeria rose by 46 kobo to N14 while Nigerian Breweries chalked up 32 kobo to close at N141.32.

Total turnover improved to 165.72 million shares valued at N1.13 billion in 2,484 deals. Diamond Bank was the most active stock with a turnover of 34.43 million shares worth N32.72 million. Access Bank followed with 32.65 million shares worth N181.9 million while FBN Holdings placed third with 21.9 million shares worth N66.13 million.

On the negative side, Total Nigeria remained atop the losers’ list with a loss of N10.58 to close at N245. Forte Oil also retained the second position on the losers’ list with a loss of N4.62 to close at N70. Julius Berger Nigeria declined by N1.90 to close at N36.10. Africa Prudential Registrars dropped by 12 kobo to N2.66 while Dangote Sugar Refinery slipped by 6.0 kobo to close at N6 per share.

Analysts said the rally was due to attractive prices of some value stocks. Most analysts however remained cautious about the medium-term prospects of the stock market citing the weak macroeconomic data.

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