NSE LIVE! Index rises by 1.02% as equities gain N105b

In from Success Allantee …
The benchmark index at the Nigerian stock market rose for the third consecutive day yesterday as investors dug deeper into value stocks. The All Share Index (ASI), the value-based index that tracks prices of all quoted equities, built on its psychological line with average gain of 1.02 per cent to close at 30,358.87 points as against its opening index of 30,052.20 points.
With 37 advancers to 17 decliners, aggregate market capitalisation of all quoted equities on the Nigerian Stock Exchange (NSE) rose from its opening value of N10.335 trillion to close at N10.440 trillion, representing a gain of N105 billion. The third day of consecutive upswing moderated the negative year-to-date return to -12.4 per cent.
Sectoral group analysis showed widespread buy sentiments with all sector indices closing in the green. The NSE Banking Sector Index recorded the highest gain of 2.5%, further confirming its status as the best performing index for the fourth consecutive trading session. The NSE Banking Index has returned 20% since it reached its year-to-date low on August 26 as banks continued to record impressive half year earnings despite the challenging macroeconomic landscape. The NSE Consumer Goods Index recorded the second highest gain of 0.8 per cent. The NSE Industrial Goods Index and the NSE Insurance Index rose by 0.4 per cent each. The NSE Oil & Gas Index increased by 0.14 per cent.
“The sustained positive sentiment and improved activity in the bourse may be an indication that longer term investors are already taking positions in value stocks with the expectation that the economy will record greater certainty in the coming weeks as the President is set to form his cabinet in September,” Afrinvest Securities stated in post-trading review.
Analysts said Nigerian stocks remain attractive but advised investors with low risk appetite to stay on dividend-paying stocks as the macroeconomic environment becomes clearer.
Nigerian Breweries, the second most capitalised stock at the NSE, recorded the highest gain of N2.80 to close at N128.05. Julius Berger Nigeria followed with a gain of N1.50 to close at N43.50. Zenith Bank gathered N1.45 to close at N17.85 per share. Dangote Cement, NSE’s most capitalised stock, rose by N1.31 to close at N170. Okomu Oil palm added N1.23 to close at N25.83 while Stanbic IBTC Holdings added 91 kobo to close at N25.01.

Read also: NSE LIVE! Equities sustain rally with N186b gains

Total turnover stood at 226.65 million shares worth N2 billion in 4,534 deals. United Bank for Africa remained the most active stock for the second consecutive trading session with a turnover of 52.09 million shares worth N221.08 million. Access Bank followed with a turnover of 28.61 million shares worth N145.09 million.
On the negative side, Guinness Nigeria led the losers with a loss of N3.78 to close at N125.22. Conoil followed with a loss of N2.92 to close at N27.13. UAC of Nigeria dropped by N1 to close at N34. Transcorp Hotel lost 76 kobo to close at N7.10 while Flour Mills of Nigeria declined by 50 kobo to close at N22.60 per share.

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