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NSE LIVE! Equities sustain rally with N69bn gain

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NSE LIVE! Equities sustain rally with N69bn gain

Nigerian equities continued on the uptrend on Thursday as investors responded positively to further improvement in the macroeconomic environment. The National Bureau of Statistics (NBS) on Thursday released latest consumer price computation, showing that inflation rate improved from 17.24 per cent in April to 16.25 per cent in May.

Benchmark indices at the Nigerian Stock Exchange (NSE) showed an average day-on-day gain of 0.59 per cent, representing net capital gain of N69 billion. With 33 gainers to 24 losers, the market traded between surging bargain hunting and spreading profit-taking.

Aggregate market value of all quoted equities on the Exchange rose from N11.618 trillion to close at N11.687 trillion. The All Share Index (ASI)-the common index that tracks share prices at the Exchange, also increased from 33,598.20 points to close at 33,797.84 points. The average year-to-date return improved to 25.76 per cent.

Read also: NSE LIVE! Equities regain rally with N157bn gain

Most sectoral indices also remained on the upside. The NSE Banking Index rose by 1.8 per cent. The NSE Insurance Index rallied by 1.4 per cent while the NSE Consumer Goods Index appreciated by 1.1 per cent. However, the NSE Oil & Gas Index and NSE Industrial Goods Index dropped by 1.1 per cent each.

Nigerian Breweries led the gainers with a gain of N3.75 to close at N163.75. Unilever Nigeria followed with a gain of N2.30 to close at N43. Seven-Up Bottling Company rose by N1.50 to close at N91.80. Zenith Bank added N1.01 to close at N22.90. Guaranty Trust Bank rose by 59 kobo to close at N36 while Flour Mills of Nigeria chalked up 50 kobo to close at N28.50 per share.

Total turnover stood at 573.60 million shares valued at N7.85 billion in 6,584 deals. Access Bank was the most active stock with 127.62 million shares worth N1.30 billion. Zenith Bank followed with 70.94 million shares valued at N1.6 billion while FBN Holdings ranked third with 56.34 million shares valued at N400.7 million.

On the negative side, Mobil Oil Nigeria led the losers with a loss of N11.51 to close at N265. Seplat Petroleum Development Company declined by N5.51 to close at N460. Lafarge Africa dropped by N1.49 to close at N53.50. International Breweries lost 61 kobo to close at N27.95 while Forte Oil declined by 42 kobo to close at N55.58 per share.

“We expect investor sentiment to remain strong in the near term against the backdrop of upswing in macroeconomic factor drivers. Yet, investors have to keep an eye on short term downside risks to market performance, which include the unfolding developments in the oil market as well as the CBN’s foreign exchange policies,” Afrinvest Securities stated.

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