NSE LIVE! Equities sustain uptrend as high-cap stocks lift market

In from Success Allantee …

Nigerian equities continued on the uptrend yesterday as investors wait with baited breaths for the announcement of ministerial members of the Federal Executive Council. Average return at the Nigerian Stock Exchange (NSE) rose by 0.20 per cent, building on a gain of 0.72 per cent that opened the week.

Most analysts said the market was on an anticipatory mood citing expectations on the appointment of Ministers and improvement in the general economic and market performance in the fourth quarter. President Muhammadu Buhari had promised to name Ministers by September 30 (today).

“Still in anticipation of the President’s ministerial list to be released tomorrow, it is expected that the bullish run in the stock market will be sustained in the next trading session,” Afrinvest Securities, a Lagos-based stock broking firm stated after Tuesday’s trading session.

Aggregate market value of all quoted equities rose from N10.572 trillion to N10.593 trillion. The All Share Index (ASI), the benchmark index at the NSE, also rose correspondingly from 30,762.29 points to close at 30,825.00 points. The sustained uptrend moderated the negative average year-to-date return to -11.06 per cent.

The positive overall market performance was however due to gains recorded by some highly capitalised stocks such as Flour Mills of Nigeria, Oando, Nigerian Breweries, Dangote Cement and Oando among others. With 20 gainers to 28 losers, there appeared to be widespread profit-taking within the middle to lower categories of stocks but the inclusion of the duo of Dangote Cement and Nigerian Breweries, the two most capitalised stocks at the Nigerian stock market, among the gainers bolstered the overall market.

Dangote Cement, the most capitalised stock at the NSE, led the rally with a gain of N2.99 to close at N171.99. Nigerian Breweries, the second most capitalised stock, followed with a gain of 97 kobo to close at N147.01. Flour Mills rose by 75 kobo to N22.77. Berger Paints added 49 kobo to close at N10.42. University Press gathered 26 kobo to close at N5.46 while Oando rose by 20 kobo to close at N10.50 per share.

Total turnover stood at 707.91 million shares worth N2.51 billion in 3,790 deals. The turnover was driven by cross deals on Hallmark Insurance, which recorded a turnover of 405 million shares valued at N202.5 million. FBN Holdings was the second most active stock with a turnover of 62.73 million shares worth N386.22 million while United Bank for Africa placed third with a turnover of 35.16 million shares valued at 146.79 million.

On the negative side, Julius Berger Nigeria led the losers with a drop of N1.88 to close at N40. PZ Cussons Nigeria declined by N1 to close at N26.20. Zenith Bank dropped by 51 kobo to close at N17.01 while UAC of Nigeria and Lafarge Africa lost 50 kobo each to close at N31 and N97.50 respectively.

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