NSE LIVE! High-cap stocks rally equities to N51b gain

After sustained depreciation in recent trading sessions, highly capitalised stocks broke the losing streak at the Nigerian stock market on Wednesday, rallying the market to a gain of N51 billion in spite of subsisting considerable underlying selling sentiments.

While there were still more losers than gainers, gains recorded by large-cap stocks such as Nestle Nigeria, Dangote Cement, Nigerian Breweries and Total Nigeria boosted the overall market performance.

Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) increased from N9.367 trillion to close at N9.418 trillion, representing net capital gain of N51 billion.

The All Share Index (ASI), the main index that tracks prices of equities, also improved simultaneously by 0.55 per cent from 27,272.14 points to close at 27,421.83 points.

Sectoral indices showed mixed interplay of bargain-hunting and the subsisting selling sentiment. The NSE Banking Index appreciated by 0.8 per cent. The NSE Consumer Goods Index rose by 0.7 per cent while the NSE Oil & Gas Index inched up by 0.2 per cent. However, the NSE Industrial Goods Index declined by 0.04 per cent while the NSE Insurance Index slipped by 0.1 per cent.

There were 19 gainers to 21 losers. Nestle Nigeria, the highest-priced stock at the Exchange, recorded the highest gain of N5 to close at N825. Total Nigeria, the highest-priced downstream oil company, followed with a gain of N4 to close at N240.

Nigerian Breweries, the second most capitalised stock, added N2.65 to close at N132.95. Dangote Cement, the most capitalised stock, rallied N1.04 to close at N180.04 while Okomu Oil Palm chalked up N1 to close at N36.

Read also: NSE LIVE! Equities in free fall as sell-off persists

Total turnover stood at 391.37 million shares valued at N3.40 billion in 3,103 deals. The three most active stocks were WAPIC Insurance, with 89.31 million shares; Guaranty Trust Bank, 83.43 million shares while FBN Holdings, which recorded 62.85 million shares.

On the negative side, Seven-Up Bottling Company led the losers with a loss of N11.64 to close at N107.86. CAP followed with a loss of N3.60to close at N33.40.

PZ Cussons Nigeria dropped by 55 kobo to close at N19 while Dangote Sugar Refinery and Flour Mills of Nigeria lost 13 kobo each to close at N6.67 and N19.82 per share.

 

 

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