Nigerian equities rallied further on Tuesday to push the average year-to-date return at the Nigerian stock market to 27.9 per cent. For the fourth consecutive trading session, equities rode above profit-taking tendency to sustain a positive overall market position.
Benchmark indices at the Nigerian Stock Exchange (NSE) on Tuesday showed average day-on-day gain of 0.7 per cent, equivalent to a net capital gain of N83 billion. The rally on Tuesday was driven by gains by highly capitalised stocks, especially in the consumer goods and industrial goods sectors.
The All Share Index (ASI)-the common index that tracks prices at the Exchange rose to 34,375.60 points as against its opening index of 34,134.67 points. Aggregate market value of all quoted equities rose from its opening value of N11.804 trillion to close at N11.887 trillion. The average year-to-date return thus peaked at 27.9 per cent.
Pricing analysis however showed increasing profit-taking trend, with most sectoral indices closing in the negative. There were 27 decliners against 25 decliners. The NSE Oil & Gas Index dropped by 1.2 per cent. The NSE Insurance Index declined by 1.0 per cent while the NSE Banking Index slipped by 0.7 per cent. Meanwhile,the NSE Industrial Goods Index appreciated by 1.3 per cent while the NSE Consumer Goods Index rose by 1.1 per cent.
Julius Berger Nigeria, which announced a partnership on a new oil and gas business, led the advancers with a gain of N4.04 to close at N43.84. Dangote Cement rose by N3.97 to close at N213.97. Nigerian Breweries and Nestle Nigeria added N3 each to close at N168 and N910 respectively. International Breweries rallied by N2.30 to close at N30.65. Cement Company of Northern Nigeria added 99 kobo to close at N10.74 while Ashaka Cement rose by up 70 kobo to close at N14.77 per share.
Read also: NSE LIVE! Equities open with N112bn gain
On the negative side, Forte Oil led the losers with a loss of N2.77 to close at N50.04. GlaxoSmithKline Consumer Nigeria followed with a drop of N1.04 to close at N20.55. Cadbury Nigeria dropped by 70 kobo to close at N14.25. Zenith Bank lost 42 kobo to close at N22.08. Oando declined by 37 kobo to close at N7.65 while Access Bank slipped by 21 kobo to close at N9.79 per share.
Total turnover stood at 392.2 million shares valued at N4.2 billion. Transnational Corporation of Nigeria was the most active stock with 58.05 million shares worth N102.5 million. Zenith Bank followed with 47.68 million shares valued at N1.07 billion while Skye Bank recorded a turnover of 39.77 million shares worth N32.01 million.
“However, we do not expect this to persist beyond the short term as investor sentiment remains largely driven by the positive developments in the macroeconomic space,” Afrinvest Securities-a Lagos-based dealer, stated.
RipplesNigeria ….without borders, without fears
Join the conversation
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...
INVESTIGATION….N.3bn down the drain: Why water projects for Enugu communities don’t work
In this concluding part, ARINZE CHIJIOKE talks about some of the projects that are serving the people and how various WASH programmes have failed to tackle...
INVESTIGATION…PARKVIEW ESTATE: Exclusive images of how billionaire property developer incurred Lagos govt‘s anger
Many have seen the demolished building, but not many know the circumstances that led to the teardown of the about...
INVESTIGATION… N.3bn down the drain, as Enugu communities suffer from dry taps
In November 2020, three organizations and the Enugu State government celebrated the completion of N300 million worth of projects that were expected...
INVESTIGATION… How herdsmen crisis compounds woes of already deprived Ogun communities
Earlier in January, the Nigerian media space was awash with reports of violence between herders and farmers across the country....