NSE LIVE! Equities sustain rally with N186b gains

In from Success Allantee …
The Nigerian stock market reopened yesterday with sustained positive sentiments as investors took positions in undervalued stocks ahead of the expected improvement in the macroeconomic and corporate fundamentals in the fourth quarter.
After gaining 2.42 per cent last week, the average benchmark index at the Nigerian Stock Exchange (NSE), rallied by 1.83 per cent on Monday. The uptrend moderated the negative average year-to-date return at the stock market to -13.29 per cent.
The All Share Index (ASI), a composite value-based index that tracks prices of all quoted equities, regained its psychological position to close at 30,052.20 points as against its opening index of 29,511.08 points. Aggregate market value of all quoted companies rode on the back of the two-to-one advancers/decliner ratio to close higher at N10.334 trillion compared with its opening value of N10.148 trillion.
There were 34 gainers to 15 losers. The rally was also boosted by preponderance of highly capitalised stocks among the top gainers. Dangote Cement, the most capitalised quoted company, led the rally with a gain of N4.69 to close at N168.69 per share. Flour Mills of Nigeria followed with a gain of N1.10 to close at N23.10. Guinness Nigeria, which at the weekend declared a N3.20 dividend per share, rallied N1 to close at N129. Stanbic IBTC Holdings rose by 90 kobo to N24.10. Okomu Oil Palm added 85 kobo to close at N24.60. Ecobank Transnational Incorporated gathered 77 kobo to close at N18.77. Nigerian Breweries chalked up 75 kobo to close at N125.25. Guaranty Trust Bank rose by 55 kobo to N24.50. Zenith Bank trailed with a gain of 54 kobo to close at N16.40 while FBN Holdings rose by 39 kobo to close at N6.90 per share.
Market analysts attributed the upbeat to sustained positive investors sentiments, noting that early birds might be taking positions ahead of the month-end announcement of key cabinet positions.
“The strong sentiment in the market may suggest investors are already positioning ahead of expected clarity in the economy this month, as this is anticipated to boost investment confidence. Consequently, equities have already pulled back 4.3% in gains in September. However, we expect some moderation in gains in the trading sessions ahead as investors with short holding period take profit,” Afrinvest Securities stated.
Total turnover was however below recent average with the exchange of 214.95 million shares worth N1.76 billion in 3,896 deals. United Bank for Africa was the most active stock with a turnover of 64.12 million shares valued at N265.1 million. Access Bank followed with a turnover of 30.95 million shares valued at N156.4 million while Zenith Bank ranked third with 17.27 million shares valued at N276.96 million.

Read also: NSE LIVE! Equities rally on improved earnings, gain N239b

On the other hand, UACN Property Development Company recorded the highest loss of 41 kobo to close at N7.83. Caverton Offshore Group followed with a loss of 34 kobo to close at N3.24 while Nigerian Aviation Handling Company (Nahco) dropped by 14 kobo to close at N4.31 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