For the third consecutive trading session, Nigerian equities sustained modest rally as positive sentiments widened across many sectors of the economy. The benchmark index for the stock market indicated a modest gain of 0.2 per cent, equivalent to a net capital gain of N16 billion.
With 22 advancers against 17 decliners, aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) rose from N9.407 trillion to close at N9.423 trillion, representing a gain of N16 billion. The All Share Index (ASI), the main index that tracks prices of all quoted equities, improved from 27,389.02 points to close at 27,437.25 points.
Most sectoral indices improved as the underlying positive sentiments spread across large-cap and mid-cap stocks. The NSE Banking Index rose by 0.7 per cent. The NSE Insurance Index appreciated by 0.3 per cent. The NSE Oil & Gas Index increased by 0.2 per cent while the NSE Industrial Goods Index inched up by 0.1 per cent. However, the NSE Consumer Goods Index declined by 0.03 per cent.
Total Nigeria led the gainers with a gain of N3 to close at N251. Nestle Nigeria followed with a gain of N1.01 to close at N825.01. Ecobank Transnational Incorporated rose by 92 kobo to close at N11.48. Guaranty Trust Bank added 41 kobo to close at N25. Lafarge Africa gathered 30 kobo to close at N55.30. Nigerian Breweries chalked up 15 kobo
to close at N134.55 while Eterna gathered 10 kobo to close at N2.50 per share.
Total turnover stood at 297.48 million shares valued at N2.29 billion in 3,438 deals. Banking stocks dominated top activities’ chart. Access Bank was the most active stock with 65.99 million shares worth N362.27 million. United Bank for Africa followed with 57.06 million shares worth N248.24 million while Guaranty Trust Bank placed third with 32.26 million shares worth N825.31 million.
“The rebound in market sentiment to the positive region was mainly on account of bargain hunting as well as investors’ reactions to earnings results. Whilst we expect sentiment to remain broadly soft in the interim, further positive earnings releases, particularly in the Tier-1 banking space, might lift market performance in subsequent sessions,” Afrinvest Securities stated.
On the downside, International Breweries led the losers with a loss of N1 to close at N19. Cement Company of Northern Nigeria dropped by 59 kobo to close at N6.01. Zenith Bank declined by 25 kobo to close at N15. UAC of Nigeria lost 20 kobo to close at N19 while Ikeja Hotels slipped by 9.0 kobo to close at N1.71 per share.
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