NSE LIVE! Equities sustain modest rally as investors scramble for oil stocks

Nigerian equities sustained a modest rally on Wednesday as improved investors’ appetite for oil and gas stocks spurred the market to a second consecutive positive session.

Key indicators at the Nigerian Stock Exchange (NSE) showed that the stock market recorded average gain of 0.02 per cent on Wednesday, equivalent to a capital gain of N2 billion.

Aggregate market value of all quoted equities on the NSE rose from N9.690 trillion to close at N9.692 trillion, representing a modest gain of N2 billion.

The All Share Index (ASI), the major value-based index that tracks prices at the Exchange, improved marginally by 0.02 per cent from 28,209.93 points to close at 28,214.57 points. With this, the negative average year to date return improved to -1.49 per cent.

Price analysis showed widespread positive sentiments with nearly two gainers for every loser. However, the market position was also boosted by gains by leading oil and gas stocks. Conoil Plc, which recently released two impressive earnings reports, led the 22-stock gainers’ list with a gain of N3.91 to close at N42.60.

MRS Oil followed with a gain of N1.42 to close at N39.90. Total Nigeria placed third with a gain of N1 to close at N270. PZ Cussons Nigeria rose by 90 kobo to close at N18.97. Cadbury Nigeria rose by 55 kobo to close at N14.75. Stanbic IBTC Holdings added 45 kobo to close at N16.50. Zenith Bank gathered 40 kobo to close at N15. Oando chalked up 26 kobo to close at N5.60 per share while Cutix added 7.0 kobo to close at N1.85 per share.

On the negative side, Guinness Nigeria, which on Tuesday reported its first loss in 30 years of N2 billion, led the13-stock losers’ list with a loss of N7 to close at N93. Nigerian Breweries dropped by N1.31 to close at N142.04. Julius Berger Nigeria lost 44 kobo to close at N39. E-Tranzact declined by 30 kobo to close at N5.70. Guaranty Trust Bank lost 23 kobo to close at N26.77 per share.

Lafarge Africa declined by 14 kobo to close at N56.01 while Neimeth International Pharmaceutical dropped by 10 kobo to 98 kobo per share.

Total turnover stood at 3.09 billion shares valued at N6.24 billion in 2,815 deals. The high market turnover was due to a cross deal on Great Nigeria Insurance for 2.87 billion shares valued at N3.24 billion.

Zenith Bank staged a distant second position with a turnover of 51.23 million shares valued at N752.7 million. United Bank for Africa recorded turnover of 23.56 million shares worth N101.31 million while Guaranty Trust Bank followed with 21.45 million shares valued at N577.21 million.

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