NSE LIVE! Equities sustain modest rally with N5bn gain

Nigerian equities continued on the uptrend on Thursday, sustaining a two-day rally that has seen average net daily capital gain at about N5.5 billion.

Against the background of net capital gain of N6 billion on Wednesday, equities rallied a modest gain of N5 billion on Thursday.

With 18 gainers to 11 losers, aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) rose from its opening value of N8.822 trillion to close at N8.827 trillion. The benchmark index, the All Share Index (ASI) also inched up by 0.05 per cent from 25,496.71 points to close at 25,510.01 points. The average year-to-date return closed at -5.08 per cent.

Losses by highly capitalised stocks however weighed in on many sectoral indices. The NSE Banking Index, NSE Consumer Goods Index and the NSE Insurance Index dropped by 0.1 per cent each. On the positive side, the NSE Industrial Goods Index rose by 0.9 per cent while the NSE Oil and Gas improved by 0.1 per cent.

Read also: NSE LIVE! Equities in marginal recovery with N6bn gain

Lafarge Africa led the gainers with a gain of 87 kobo to close at N46. Stanbic IBTC Holdings rose by 44 kobo to close at N18.76. Nascon Allied Industries added 43 kobo to close at N8.55. Zenith Bank rallied 12 kobo to close at N14.42 while Oando chalked up 11 kobo to close at N5.59 per share.

On the negative side, Union Dicon Salt led the losers with a loss of 74 kobo to close at N14.15.Forte Oil dropped by 65 kobo to close at N44. Nigerian Breweries declined by 50 kobo to close at N123. GlaxoSmithKline Consumer Nigeria lost 30 kobo to close at N14.20. Guaranty Trust Bank declined by 17 kobo to close at N24.70 while FCMB Group dropped by 10 kobo to close at N1.01 per share.

Total turnover stood at 349.27 million shares valued at N2.28 billion in 2,826 deals. Low-priced banking stocks continued to dominate activities. Fidelity Bank was the most active with 112.26 million shares valued at N113.39 million. FBN Holdings followed with 62.43 million shares valued at N194.67 million while FCMB Group placed third with 32.03 million shares worth N32.41 million.

“We expect market performance to continue to fluctuate in margins as investors await the release of first quarter 2017 earnings reports,” Afrinvest Securities stated in a preview of market situation in the week ahead.

 

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