NSE LIVE! High-cap stocks rally equities to N23bn rebound

Large-cap stocks in the banking and consumer goods sectors rallied the Nigerian equities market to a modest recovery on Wednesday, overriding continuing underlying sell pressure.

While there were still more decliners than advancers, gains by highly capitalised stocks roused the market to a day-on-day average gain of 0.19 per cent, equivalent to net capital gain of N23 billion.

Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) rose from N12.201 trillion to close at N12.224 trillion. The All Share Index (ASI)-the value-based common index that tracks share prices at the Exchange also rose correspondingly from its opening index of 35,397.52 points to close at 35,464.34 points.

The average year-to-date return inched up to 31.96 per cent.
With 21 decliners to 16 advancers, the positive overall market position was driven by gains by large-cap stocks such as Nestle Nigeria, Guaranty Trust Bank, FBN Holdings, Access Bank, Unilever Nigeria and Dangote Sugar Refinery among others.

Most sectoral indices closed in the green. The NSE Consumer Goods Index rose by 1.1 per cent. The NSE Insurance Index improved by 0.5 per cent while the NSE Banking Index inched up by 0.2 per cent. However, the NSE Oil & Gas Index declined by 0.9 per cent while the NSE Industrial Goods Index dropped by 0.4 per cent.

Nestle Nigeria-NSE’s highest-priced stock, led the gainers with a gain of N39.80 to close at N1,190. Unilever Nigeria followed with a gain of N2 to close at N44. GlaxoSmithKline Consumer Nigeria rose by 40 kobo to close at N21.40. Guaranty Trust Bank-Nigeria’s most capitalised banking stock, rose by 36 kobo to close at N37.88. Dangote Sugar Refinery appreciated by 17 kobo to close at N13.75 per share. Access Bank and FBN Holdings chalked up 6.0 kobo each to close at N9.72 and N5.80 respectively while Cadbury Nigeria, NEM and C & I Leasing added 5.0 kobo each to close at N11, N1.10 and N1.15 respectively.

On the downside, Presco led the decliners with a drop of N3.19 to close at N60.80. Stanbic IBTC Holdings declined by N1.19 to close at N40.01. Flour Mills of Nigeria lost N1.05 to close at N26.50. Forte Oil dropped by 81 kobo to close at N48.80 per share. Lafarge Africa declined by 47 kobo to close at N50.52. Oando dropped by 33 kobo to close at N6.42 while Nascon Allied Industries lost 30 kobo to close at N13 per share.

The momentum of activities however slowed down with turnover dropping below average to 119.89 million shares valued at N1.74 billion in 3,015 deals. Banking stocks dominated the activities chart. Access Bank was the most active stock with 13.88 million shares valued at N134.7 million. Zenith Bank followed with 12.22 million shares worth N281.2 million while Fidelity Bank ranked third with 11.40 million shares valued at N14.78 million.

 

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