NSE LIVE! Equities recover from 11-day recession with N51b gain

in from Success Allantee…

Nigerian equities rallied back from a long-drawn consecutive decline as bargain-hunters sought to take positions in undervalued stocks. The Nigerian stock market had traded in the negative all through these early days of second half, with successive declines that sent several stocks to their recent lows.

The All Share Index (ASI), the common value-based index that tracks prices of all quoted equities on the Nigerian Stock Exchange (NSE), rose by 0.25 per cent to close at 31,047.99 points as against its opening index of 30,970.51 points. Aggregate market value of all quoted equities also rose by 51 billion from N10.577 trillion to close at N10.628 trillion.

The recovery was largely due to substantial bargain-hunting for undervalued stocks in the highly capitalised stocks category as widespread selling sentiments remained obvious. With 20 gainers to 29 losers, many analysts were still cautious about the market position.

“Given the market reversal witnessed today, we anticipate a mixed trading pattern next week as the unfolding weak macroeconomic dynamics have slowed investment decisions. The unimpressive half-year 2015 results released so far have also not excited the market,” SCM Capital, a trading member of the NSE, said after the trading session yesterday.

The recovery however moderated the negative average year-to-date return at the NSE to -10.41 per cent. Guinness Nigeria led the gainers’ list with a gain of N2 to close at N142. Ecobank Transnational Incorporated followed with a gain of N1.66 to close at N22. Total Nigeria rose by N1.30 to close at N160.90. Oando added 50 kobo to close at N12.60 and Guaranty Trust Bank, which rallied 44 kobo to close at N26.

Other top gainers included Stanbic IBTC Holdings gathered 40 kobo to close at N23.95. Access Bank gained 23 kobo to close at N5.03. Vitafoam Nigeria rose by 18 kobo to close at N5.78 while Nascon Industries and Ikeja Hotel chalked up 17 kobo and 16 kobo to close at N6.90 and N3.99 respectively.

Total Turnover stood at 222.22 million shares worth N2.83 billion in 3,701 deals. Financial services sector remained the most active with a turnover of 159.49 million shares worth N1.11 billion in 2,084 deals. Fidelity Bank was the most active stock with a turnover of 23.25 million shares worth N36.17 million in 112 deals. Guaranty Trust Bank followed with a turnover of 20.53 million shares worth N525.23 million in 265 deals. AXA Mansard Insurance placed third with a turnover of 20.30 million shares worth N55.83 million in 16 deals.

Read also: NSE LIVE! Equities slump to new low after losing N137b

On the downside, Forte Oil led the losers with a loss of N8.77 to close at N188.10. Mobil Oil Nigeria dropped by N4.35 to close at N150. Unilever Nigeria declined by N1.99 to close at N37.91. Cement Company of Northern Nigeria depreciated by N1.08 to close at N10.42. Nigerian Breweries and UACN Property Development Company dropped by 40 kobo each to close at N128.20 and N9.80 respectively. Champion Breweries declined by 27 kobo to close at N5.31. Dangote Sugar Refinery and Nigerian Aviation Handling Company dropped by 21 kobo each to close at N5.71 and N4.76 respectively while Okomu Oil Palm lost 19 kobo to close at N25.82 per share.

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