NSE LIVE! Equities regain uptrend with N8bn gain

A broad rally across the sectors returned the equities to the green on Wednesday as investors continued early positioning for the 2016 earnings report and dividend recommendations.

The benchmark index at the Nigerian Stock Exchange (NSE), the All Share Index (ASI), inched up by 0.09 per cent to close at 26,240.45 points as against its opening index of 26,217.54 points.

Aggregate market value of all quoted equities rose by N8 billion from N9.021 trillion to close at N9.029 trillion. The modest gain moderated the negative average year-to-date return to -2.36 per cent.

With 21 advancers to 16 decliners, most sectoral indices also closed in the positive. The NSE Oil & Gas Index rose by 0.7 per cent. The NSE Industrial Goods Index appreciated by 0.4 per cent. The NSE Insurance Index inched up by 0.1 per cent. The NSE Consumer Goods Index rose by 0.04 per cent while the NSE Banking Index closed flat.

Mobil Oil Nigeria led the gainers with a gain of N3 to close at N279. Forte Oil followed with a gain of N1.20 to close at N65.20. Nestle Nigeria rose by N1 to close at N750. Lafarge Africa added 40 kobo to close at N40.40. Nascon Allied Industries rose by 37 kobo to close at N7.84 while Okomu Oil Palm garnered 27 kobo to close at N44.27 per share.

On the other side, Guinness Nigeria led the losers with a drop of 95 kobo. UACN Property Development Company declined by 14 kobo to close at N2.88. Nigerian Aviation Handling Company lost 12 kobo to close at N2.60. Africa Prudential Registrars dropped by 7.0 kobo to close at N3.12 while Honeywell Flour Mills slipped by 6.0 kobo to close at N1.15.

Read also: NSE LIVE! Equities suffer relapse amidst profit-taking

Total turnover stood at 190.01 million shares valued at N2.43 billion in 2,896 deals. Transnational Corporation of Nigeria was the most active stock with 23.66 million shares worth N18.91 million. Presco followed with 23.42 million shares value at N1.03 billion while Fidelity Bank placed third with 20.07 million shares worth N18.08 million.

Analysts however remained cautious about the prospects of quoted equities citing the uncertain foreign exchange crisis.

“We maintain that investors trade cautiously as sentiment remains driven by macroeconomic uncertainties,” Afrinvest Securities stated.

“We expect bearish sentiments to persist in tomorrow (Thursday)’s session. However, the current valuations present an attractive entry opportunities for risk tolerant investors to position ahead of the earnings season,” SCM Capital, a Lagos-based dealer at the NSE, stated.

 

 

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