NSE LIVE! Equities remain upbeat with N32bn gain

For the fourth consecutive trading session, the Nigerian stock market remained upbeat on Thursday as last-minute transactions by institutional investors continued to enliven the equities market.

Benchmark indices indicated average gain of 0.35 per cent, equivalent to a net capital gain of N32 billion.

Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) rose from N9.183 trillion to close at N9.215 trillion, representing a gain of N32 billion. The All Share Index (ASI), the value-based common index that tracks prices at the stock market, rallied by 0.35 per cent from 26,688.25 points to close at 26,782.93 points.

With just a trading session to close 2016, the sustained rally has helped to reduce the negative average year-to-date return to -6.49 per cent, broadly outlining the average full-year performance for the market.

Most sectoral and group indices also continued to track the overall indices on the upside. The NSE Banking Index appreciated by 2.2 per cent. The NSE Insurance Index rose by 1.8 per cent. The NSE Consumer Goods Index appreciated by 0.07 per cent while the NSE Industrial Good Index closed flat. However, the NSE Oil and Gas Index slipped by 0.5 per cent.

Total Nigeria led the 24-stock gainers’ list with a gain of N11.88 to close at N299. Seplat Petroleum Development Company followed with a gain of N9.49 to close at N379.99. Guaranty Trust Bank rose by N1.35 to close at N24.74. Okomu Oil Palm added 65 kobo to close at N40.17. Ashaka Cement garnered 57 kobo to close at N12.02 per share.

Nascon Allied Industries rose by 31 kobo to N8.50. Nigerian Aviation Handling Company and PZ Cussons Nigeria added 25 kobo each to close at N3.04 and N14.50 respectively while Zenith Bank rose by 20 kobo to close at N14.89 per share.

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Total turnover stood at 117.4 million shares valued at N878 million in 2,392 deals. FCMB Group was the most active with 12.77 million shares worth N13.9 million. Zenith Bank followed with 11.76 million shares valued at N174.15 million while FBN Holdings placed third with 11.6 million shares worth N40.31 million.

On the negative side, Forte Oil led the 20-stock losers’ list with a loss of N10.07 to close at N93.54. Mobil Oil Nigeria followed with a loss of N2 to close at N290. Stanbic IBTC Holdings declined by 66 kobo to close at N15. Access Bank lost 19 kobo to close at N5.78while Champion Breweries and Airlines Services and Logistics dropped by 12 kobo each to close at N2.38 and N2.43 respectively.

Analysts at Afrinvest Securities said the uptrend has been largely dictated by end of year portfolio rebalancing by institutional investors.

“We expect this bullish sentiment to persist in (today) tomorrow’s trading session as the market closes for the year,” Afrinvest Securities stated.

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