After five consecutive negative trading sessions, Nigerian equities on Thursday broke away from the recent spate of decline as bargain-hunters sought to take advantage of the low prices of several stocks.
With 24 gainers to 18 losers, the overall market situation turned positive as widespread positive sentiments tightened supply and turned the market into a seller’s market. The All Share Index, the value-based common index that tracks prices of all equities on the Nigerian Stock Exchange (NSE) appreciated by 0.44 per cent to close at 24,746.04 points as against its opening index of 24,637.91 points.
Aggregate market value of all quoted equities also improved by N37 billion from N8.475 trillion to close at N8.512 trillion. Average year-to-date return now stands at -13.60 per cent.
Most sectoral indices also closed positive. The NSE Banking Index rose by 1.4 per cent. The NSE Industrial Goods Index appreciated by 0.6 per cent. The NSE Consumer Goods rose by 0.2 per cent. The NSE Insurance Index inched up by 0.3 per cent while the NSE Oil & Gas Index appreciated by 0.1 per cent.
Okomu Oil Palm led the gainers with a gain of N3.03 to close at N33.07. Lafarge Africa rose by 99 kobo to close at N76. Nigerian Breweries added 48 kobo to close at N107.47. E-Tranzact gained 39 kobo to close at N4.29. Guaranty Trust Bank appreciated by 37 kobo to close at N15.20. Unilever Nigeria gathered 30 kobo to close at N29.25. Dangote Cement rose by 25 kobo to close at N160.25. Zenith Bank added 20 kobo to close at N11.20 while UACN Property Development Company rallied 19 kobo to close at N3.99.
“With yesterday’s marginal decline and today’s positive close, the market seems to have gotten over the unexpected MSCI’s statement which led to a 2.7 per cent decline on Monday. Thus, we believe this positive momentum may be sustained tomorrow. However, we advise value investors to balance their optimism with caution,” Afrinvest Securities- a Lagos-based dealer on the NSE, stated.
Total turnover stood at 271.65 million shares valued at N1.61 billion in 2,988 deals.
On the downside, UAC of Nigeria led the losers with a loss of 97 kobo to close at N18.43. Mobil Oil Nigeria dropped by 80 kobo to close at N149.20. Total Nigeria lost 50 kobo to close at N160. Nascon Allied Industries dropped by 39 kobo to close at N7.41. Africa Prudential Registrars declined by 20 kobo to close at N2.41 while Ekocorp dipped by 18 kobo to close at N3.54 per share.
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