After two consecutive negative trading sessions, Nigerian equities were pulled off the losing streak on Monday as the market reopened to a rally within the market’s topmost stocks. Highly capitalised stocks, which control the
largest chunk of the stock market’s total capitalisation, orchestrated a gain of N24 billion.
The All Share Index (ASI), the main index that tracks prices on the Nigerian Stock Exchange (NSE), rose from 27,246.88 points to close at 27,316.52 points, representing an average gain of 0.26 per cent. Aggregate market value of all quoted equities rose from its opening value of N9.358 trillion to close at N9.382 trillion, indicating a gain of N24 billion.
With 37 losers to 11 gainers, the positive overall market situation was largely driven by gains recorded by highly capitalised stocks such as Nigerian Breweries, Nestle Nigeria, Dangote Cement, Lafarge Africa, Total Nigeria and Unilever Nigeria.
Sectoral indices showed that the underlying sentiments remained largely negative. The NSE Oil & Gas Index slowed down by 2.2 per cent while the NSE Banking Index declined by 1.6 per cent. On the upside, the NSE Industrial Goods Index appreciated by 1.9 per cent. The NSE Consumer Goods Index rose by 0.8 per cent.
Nestle Nigeria, the highest-priced stock at the stock market, led the gainers with a gain of N5.02 to close at N825.02. Dangote Cement, the most capitalised stock at the Exchange, followed with a gain of N2.99 to close at N183. Nigerian Breweries, the second most capitalised stock, rose by N2.42 to close at N132.92. Unilever Nigeria added N1.75 to close at N36.75. Lafarge Africa rallied N1.72 to close at N55 while Total Nigeria chalked up N1 to close at N240.
On the negative side, Forte Oil led the losers with a loss of N8.26 to close at N161.30. Seplat Petroleum Development Company followed with a loss of N2 to close at N240. Guinness Nigeria dropped by N1.50 to close at N93.50. CAP declined by N1.40 to close at N27.30. Conoil slipped by N1.19 to close at N22.77 while UAC of Nigeria dropped by N1 to close at N19 per share.
Total turnover stood at 213.63 million shares valued at N2.05 billion in 3,742 deals. Banking stocks dominated the top activities chart. Zenith Bank was the most active with a turnover of 45.79 million shares valued at N696.85 million. FBN Holdings followed with a turnover of 23.16 million shares worth N72.44 million while Diamond Bank placed third with 19.01 million shares valued at N21.81 million.
RipplesNigeria …without borders, without fears
- LATEST TECH NEWS: Venture for Africa opens application for 2nd cohort. 2 other things and a trivia you need to know today, November 24, 2020 - November 24, 2020
- Gbajabiamila traces insecurity situation in Nigeria to 2003 govt policy on LG elections - November 24, 2020
- Finally, Trump admits defeat to Biden, agrees to transition of govt - November 24, 2020