NSE LIVE! Equities sustain rally with 0.35% gain

In from Success Allantee . . .
Nigerian equities rode on the back of widespread positive sentiments to sustain a rally for the second consecutive day as investors stepped up bargain-hunting for value stocks.
Average return yesterday at the Nigerian Stock Exchange (NSE) stood at 0.35 per cent, equivalent to a gain of N35 billion. Unlike the opening rally that was driven by gains by few highly capitalised stocks amidst larger losers, the overall sentiments yesterday were positive and wider with 25 gainers to 16 losers.
Aggregate market value of all quoted companies increased from N10.387 trillion to close at N10.422 trillion. The benchmark index at the NSE, the All Share Index (ASI), also improved from 30,219.01 points to close at 30,325.11 points. The uptrend reduced the negative average year-to-date return to -12.50 per cent.
The momentum of activities also improved as volume and value traded grew by 134.9% and 66.6%. Total turnover stood at 245.39 million shares valued at N3.22 billion in 2,993 deals. Wema Bank was the most active stock with a turnover of 61.59 million shares valued at N60.34 million. Zenith Bank followed with a turnover of 37.29 million shares worth N641.06 million.
Analysts said the market was being driven by bargain-hunters seeking substantially undervalued stocks.
According to analysts at Afrinvest Securities, consequent on the decline in the benchmark index in the previous weeks, some value stocks in the banking and oil and gas indices have attracted investors’ interest, and this can be tied to the positive performances of the market so far in the week.
“We continue to maintain that the investment case for Nigeria remains compelling for long term investors, despite the macroeconomic challenges. Within the short term, market performance going forward is expected to be driven by sentiments towards the third quarter 2015 results,” Afrinvest Securities stated.

Read also: NSE LIVE! Equities gain N133b as Dangote rekindles market

Forte Oil led the gainers with a gain of N9.90 to close at N289.90. GlaxoSmithKline Consumer Nigeria rose by N2.04 to close at N39. PZ Cussons Nigeria added N1.18 to close at N25.18. Flour Mills of Nigeria chalked up 51 kobo to close at N21.41. Ecobank Transnational Incorporated gathered 45 kobo to close at N18.75. Guaranty Trust Bank rose by 39 kobo to close at N24.10. Nascon Allied Industries gained 21 kobo to close at N7.41. Nigerian Breweries rose by 19 kobo close at N135.25. UAC of niegria added 15 kobo to close at N29 while FBN Holdings rose by 10 kobo to close at N5.85 per share.
On the negative side, Unilever Nigeria recorded the highest loss of N2.17 to close at N44.83. Guinness Nigeria followed with a loss of N2.15 to close at N144. Beta Glass dropped by N1 to close at N43. Seplat Petroleum Development Company lost 50 kobo to close at N234.50 while Vitafoam Nigeria dropped by 27 kobo to close at N5.12 per share.

RipplesNigeria …without borders, without fears

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now