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NSE LIVE! Equities regain N9tn mark as rally continues

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NSE LIVE! Equities regain N9tn mark as rally continues

The uptrend at the Nigerian stock market continued on Wednesday as equities rallied additional gain of N52 billion to cross the N9 trillion mark, the highest point in recent period.

With a gain of N197 billion last week and additional gain of N62 billion on the opening of the market on Tuesday, aggregate market value of quoted equities on the Nigerian Stock Exchange (NSE) spiraled across the N9 trillion mark to reach N9.027 trillion on Wednesday.

With two advancers to every decliner, aggregate market value of all quoted companies on the NSE rose from its opening value of N8.975 trillion to close at N9.027 trillion. The All Share Index (ASI) – the value-based common index that tracks prices at the Exchange, rose by 0.58 per cent from 25,965.18 points to close at 26,116.79 points. The average year-to-date return, though still negative, improved to -2.82 per cent.

Sectoral indices showed widespread positive sentiments. The NSE Banking Index rose by 1.5 per cent. The NSE Oil & Gas Index appreciated by 0.6 per cent. The NSE Consumer Goods Index returned 0.4 per cent. The NSE Insurance Index inched up by 0.3 per cent while the NSE Industrial Goods Index closed flat.

Read also: NSE LIVE! Equities reopen with N62bn gain amidst strong rally

Pricing analysis showed that most transactions closed on premium as the market continued to trend on the sellers’ side. Unilever Nigeria led the 27-stock gainers’ list with a gain of N1.69 to close at N33.50. Forte Oil rose by N1 to close at N44. Guinness Nigeria rallied 99 kobo to close at N61. UAC of Nigeria chalked up 65 kobo to close at N14.40.

Ashaka Cement rose by 52 kobo to close at N10.96 per share. Nigerian Breweries added 51 kobo to close at N124.01. Oando gathered 48 kobo to close at N6.54. Stanbic IBTC Holdings chalked up 44 kobo to close at N 27.45. United Bank for Africa rose by 37 kobo to close at N6.28 while Zenith Bank gathered 25 kobo to close at N15.70 per share.

On the downside, Total Nigeria led the 13-stock losers’ list with a loss of N10 to close at N255. Seven-Up Bottling Company dropped by N4.75 to close at N90.25. Nascon Allied Industries declined by 42 kobo to close at N8.05. UACN Property Development Company dropped by 5.0 kobo to close at N1.75. Continental Reinsurance and Unity Bank dropped by 4.0 kobo each to close at N1.07 and 54 kobo respectively. Custodian and Allied Insurance declined by 3.0 kobo to close at N3. United Capital and Flour Mills of Nigeria lost 2.0 kobo to close at N2.85 and N17.98 while C & I Leasing slipped by 1.0 kobo to close at 65 kobo per share.

Total turnover stood at 264.49 million shares valued at N2.90 billion in 3,958 deals. Banking stocks dominated the top activities chart. Zenith Bank was the most active with 41.88 million shares worth N652.18 million. Guaranty Trust Bank followed with 37.75 million shares worth N1.01 billion while United Bank for Africa placed third with 34.03 million shares valued at N205.21 million.

Analysts attributed the sustained rally at the stock market to improvement in the macroeconomic environment as Nigeria steadily moves to exit recession and restart growth.

Most analysts however remained cautious of long-term sustained recovery of the market citing the tendency to speculation and profit-taking by portfolio investors and potential political and economic risks.

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  1. JOHNSON PETER

    May 4, 2017 at 9:20 am

    Seven up company by now ought to have quit the stock market all this while because I can’t recall the last time they made profit in the stock market.

    • Anita Kingsley

      May 4, 2017 at 11:35 am

      If they don’t quite, NSE may have to unlist them. Loosing back to back is bad business, others are making profits and improving on their operations, but not seven up!

      • seyi jelili

        May 4, 2017 at 1:10 pm

        It’s not the duty of NSE to delist a firm for losing back to back as long it’s not associated with bad governance or fraudulent .

  2. yanju omotodun

    May 4, 2017 at 11:17 am

    One thing unique about this UBA bank is that, they do appreciate their customers whenever they appreciate in the stock market, I was given #300 by them yesterday and I am having #35000 in my account. Other banks will still deduct useless charges from your account.
    Kudos to Uba

    • Animashaun Ayodeji

      May 4, 2017 at 11:29 am

      You should on no circumstance thank UBA for giving you that ridiculous #300, they’ve been trading with your money since you deposited it in the account, you deserve better pay than #300. I’m even sure before the end of the month, they will debit it for SMS alerts. Is that not Bull Shit?

      • Joy Madu

        May 5, 2017 at 5:21 am

        True talk because there blessing is give and take so don’t jubilate a lot because they will still debit you for SMS alerts

  3. Agbor Chris

    May 4, 2017 at 11:26 am

    N9 trillion mark is an incredible gain, Nigeria’s economy is fast stabilizing and looking good.

    • seyi jelili

      May 4, 2017 at 1:11 pm

      Good looking or looking good, what have you benefited from it, have you got a job because am sure you are jobless.

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