NSE LIVE! Equities regain rally amidst tight trades

After a day of profit-taking on Tuesday, Nigerian equities regained the uptrend on Wednesday as increased demand for highly capitalised stocks helped to mitigate widespread profit-taking sentiments.

The All Share Index (ASI)-the value-based common index that tracks prices of all quoted companies on the Nigerian Stock Exchange (NSE), rose by 0.41 per cent to close at 26.763.86 points. Aggregate market value of all quoted equities also improved from N9.173 trillion to close at N9.192 trillion. The gain moderated the average year-to-date return to -6.56 per cent.

With 23 decliners to 22 advancers, the positive overall market position was boosted by gains recorded by Nigeria’s largest breweries and the two most capitalised banks. Nigerian Breweries, Nigeria’s second most capitalised company, led the rally with a gain of N2.48 to close at N127.50. Zenith Bank, the second most capitalised bank, followed with a gain of 58 kobo to close at N15.02. Guaranty Trust Bank, Nigeria’s most capitalised bank, placed third with a gain of 51 kobo to close at N19.54. Presco rose by 49 kobo to close at N35.51 while Dangote Sugar Refinery gathered 20 kobo to close at N6.20.

Read also: NSE LIVE! Profit-taking halts equities’ rally

Sectoral analysis showed mixed performance across the sectors. The NSE Banking Index rose by 1.7 per cent. The NSE Consumer Goods Index appreciated by 0.4 per cent. However, the NSE Oil & Gas Index declined by 0.4 per cent. The NSE Insurance Index also dropped by 0.4 per cent while the NSE Industrial Goods Index also dropped by 0.4 per cent while the NSE Industrial Goods Index slipped by 0.3 per cent.

Total turnover stood at 670.80 million shares valued at N2.06 billion in 3,976 deals. The three most active stocks were Wema Bank, with 380.52 million shares; Diamond Bank, with 60.24 million shares and Transnational Corporation of Nigeria, which recorded a turnover of 47.31 million shares.

“Today’s uptrend was majorly driven by a renewed appetite for banking stocks, with 10 of the 15 listed tickers in the sector trending northwards as investors bet on attractive pricing. We advise investors to maintain positions in value stocks,” Afrinvest Securities stated.

On the negative side, Seven-Up Bottling Company led the losers with a loss of N4 to close at N141. Flour Mills of Nigeria followed with a drop of N1.17 to close at N22.33. Total Nigeria lost N1 to close at N169. Unilever Nigeria dropped by 79 kobo to close at N32.01 while Guinness Nigeria declined by 75 kobo to close at N99.01 per share.

 

 

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