NSE LIVE! High-cap stocks boost equities amidst selloff

After it took a dip on Wednesday, high-cap stocks rallied the Nigerian stock market back to the uptrend on Thursday with a modest average gain of 0.26 per cent.

Nigerian equities had rallied for three consecutive trading sessions up till Tuesday but faltered on Wednesday as investors started profit-taking transactions.

The All Share Index (ASI)-the common value-based index that tracks share prices at the Nigerian Stock Exchange (NSE), recorded average day-on-day gain of 0.26 per cent from its opening index of 44,343.65 points to close at 44,460.18 points.

Also, aggregate market value of all quoted companies rose by N59 billion from its opening value of N15.896 trillion to close at N15.955 trillion. The market capitalisation was also boosted by the supplementary listing of 25 million ordinary shares by Seplat Petroleum Development Company. With this, the average year-to-date return also inched up to 16.26 per cent.

With 35 decliners to 22 advancers, the positive overall market position was driven mainly by gains recorded by highly capitalised stocks, especially Dangote Cement, Nigeria’s most capitalised quoted company.

Most sectoral indices closed in the red, underlying the widespread profit-taking transactions. The NSE Insurance Index declined by 0.9 per cent. The NSE Consumer Goods Index dropped by 0.4 per cent while the NSE Banking Index and NSE Oil & Gas Index slipped by 0.1 per cent each. However, the NSE Industrial Goods Index rose by 0.7 per cent.

Dangote Cement-which accounts for some one-thirds of the total market value of quoted companies, led the advancers with a gain of N5 to close at N275 per share. Unilever Nigeria followed with a gain of N2.25 to close at N46.75. Cement Company of Northern Nigeria rose by 85 kobo to close at N18.60. Okomu Oil Palm and Dangote Flour Mills appreciated by 30 kobo each to close at N72.40 and N16.80 respectively. Union Bank of Nigeria garnered 20 kobo to close at N8.10. University Press added 11 kobo to close at N2.38 while Seplat Petroleum Development Company, UBA and Caverton Offshore Support Group chalked up 10 kobo each to close at N685.10, N12.80 and N2.46 respectively.

On the negative side, International Breweries led the decliners with a loss of N2.90 to close at N57.95. UAC of Nigeria followed with a drop of 70 kobo to close at N17. Lafarge Africa dropped by 45 kobo to close at N54.50. Dangote Sugar Refinery lost 40 kobo to close at N20.60. FBN Holdings declined by 35 kobo to close at N13.60 while Eterna dropped by 27 kobo to close at N5.68 per share.

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Total turnover stood at 630.58 million shares valued at N3.44 billion in 7,079 deals. Transnational Corporation of Nigeria was the most active stock with a turnover of 105.19 million shares valued at N244.76 million. Skye Bank followed with 95.21 million shares worth N139.01 million while Diamond Bank recorded a turnover of 77.26 million shares worth N238.65 million.

“Although the market performed positively today (Thursday), we expect more profit taking at the close of the week as investor sentiment remains weak,” Afrinvest Securities stated.

 

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