Business

NSE LIVE! Equities sustain rally with N98b gain

NSE LIVE! Equities sustain rally with N98b gain

Nigerian equities continued to ride on increasing demand for value stocks to sustain a second day of consecutive rally on Thursday.

Considerable rallies within the large-cap oil and gas, industrial and banking stocks lifted the equities market to a net capital gain of N98 billion, increasing the gain in the past two trading sessions to N170 billion.

Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) rose from its opening value of N8.814 trillion to close at N8.912 trillion. The All Share Index (ASI)-the value-based common index that tracks prices of equities, rallied by 1.11 per cent to close at 25,755.18 points as against its opening index of 25,471.69 points. The rally further moderated the average year-to-date return to -4.17 per cent.

While the gap between the advancers and decliners narrowed with 19 advancers against 18 decliners, the uptrend remained widespread with all sectoral indices closing on the positive side, repeating the same broad trend recorded on Wednesday.

Read also: NSE LIVE! Equities rally N72bn gain in renewed bargain-hunting

The NSE Industrial Goods Index rallied by 3.2 per cent. The NSE Oil & Gas Index rose by 1.4 per cent. The NSE Banking Index and NSE Insurance Index rallied by 0.5 per cent each while the NSE Consumer Goods Index appreciated by 0.4 per cent.

The momentum of activities also picked up as investors staked N1.49 billion on 241.62 million shares in 3,339 deals. Financial stocks continued to dominate the activities chart. FBN Holdings was the most active stock with 63.67 million shares worth N197.33 million. Fidelity Bank followed with 43.6 million shares worth N34.79 million while United Capital placed third with 23.89 million shares valued at N69.9 million.

Mobil Oil Nigeria led the gainers with a gain of N12.72 to close at N360. Seven-Up Bottling Company followed with N9.01 to close at N104.90. Dangote Cement rose by N3.50 to close at N164.60. Lafarge Africa rallied N2.38 to close at N50. Guaranty Trust Bank chalked up 50 kobo to close at N25. PZ Cussons Nigeria garnered 43 kobo to close at N14.30. Oando gathered 42 kobo to close at N6.20 while Dangote Flour Mills rose by 37 kobo to close at N4.16 per share.

On the other hand, Conoil led the losers with a loss of N1.75 to close at N33.25. Nigerian Breweries followed with a loss of 17 kobo to close at N124.63. Access Bank declined by 13 kobo to close at N6.28. Red Star Express and International Breweries dropped by 11 kobo each to close at N4.30 and N15.89 while United Capital declined by 9.0 kobo to close at N2.90 per share.

“As expected, the attractive prices of some value stocks prompted buying interest by short-term investors. We expect the market to trade sideways in subsequent sessions,” Afrinvest Securities, a Lagos-based dealer, stated.

RipplesNigeria ….without borders, without fears

Click here to download the Ripples Nigeria App for latest updates

Join the conversation

Opinions

About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

/* ]]> */