NSE LIVE! Equities sustain rally with N36bn gain

For the third consecutive trading session, Nigerian equities continued on the upswing on Thursday as investors stepped up bargain-hunting for value stocks.

The overall market situation on Thursday particularly showed improved appetite for quoted equities with more investors increasing their bid prices to close transactions.

With 24 advancers against 17 decliners, it was the first time this week that there were more advancers than decliners, indicating improving underlying buy sentiment. Benchmark indices at the Nigerian Stock Exchange (NSE) showed average return of 0.24 per cent, equivalent to net capital gain of N36 billion. With this, the average year-to-date return increased to 10.50 per cent.

The All Share Index (ASI)-the common value-based index that tracks share prices at the Exchange rose from its opening index of 42,158.32 points to close at 42,258.78 points. Aggregate market value of all quoted equities also increased from its opening value of N15.129 trillion to close at N15.165 trillion.

Read also: Dogara advocates low interest rates to grow Nigeria’s economy

Most sectoral indices also closed positive, underlining the widespread buy sentiment across the sectors. The NSE Banking Index and NSE Oil & Gas Index rose by 0.7 per cent each. The NSE Insurance Index appreciated by 0.3 per cent while the NSE Industrial Goods Index inched up by 0.2 per cent. However, the NSE Consumer Goods Index dropped by 0.3 per cent.

Total Nigeria led the advancers with a gain of N10.40 to close at N228. Nestle Nigeria followed with a gain of N8 to close at N1, 378. Flour Mills of Nigeria appreciated by 45 kobo to close at N33. United Bank for Africa rose by 40 kobo to close at N13. FBN Holdings gathered 35 kobo to close at N11.50. Lafarge Africa and Zenith Bank International chalked up 25 kobo each to close at N51.30 and N31.75 respectively while Access Bank and Dangote Flour Mills garnered 20 kobo each to close at N12.90 and N16.50 respectively.

On the downside, Nigerian Breweries led the decliners with a loss of N1.60 to close at N122.90. Dangote Sugar Refinery followed with a drop of 60 kobo to close at N21.35. CAP declined by 25 kobo to close at N35. Forte Oil lost 20 kobo to close at N44.80. Fidson Healthcare dropped by 15 kobo to close at N4.55. Caverton Offshore Support Group dipped by 13 kobo to close at N2.52 per share while International Breweries lost 10 kobo to close at N55.95 per share.

Total turnover stood at 342.1 million shares valued at N3.09 billion in 4,943 deals. Banking stocks dominated the top activities chart. Fidelity Bank was the most active stock with a turnover of 62.89 million shares valued at N189.36 million. Skye Bank followed with 56.32 million shares worth N58.04 million while FBN Holdings recorded a turnover of 26.97 million shares valued at N307.18 million.

“We expect the market to sustain a positive close to the week as investors seek for bargain opportunities in the market ahead of full year earnings releases,” Afrinvest Securities stated.

 

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