Investors in Nigerian equities have netted N1.27 trillion as capital gains over the past seven trading sessions as bargain-hunters turned the stock market to almost an open-order buy market with most transactions closing on a premium.
With only three decliners against 60 advancers on Wednesday at the Nigerian Stock Exchange (NSE), the market appeared to have gone full mode on a bullish swing. Net capital gain during the five-hour trading session on Wednesday stood at N517 billion, equivalent to average return of 3.6 per cent. With this, the year-to-date return spiralled upward to 9.34 per cent, equivalent to N1.27 trillion.
The All Share Index (ASI)-the common value-based index that tracks share prices at the Exchange, rallied from opening index of 40,362.97 points to close at 41,816.11 points. Aggregate market value of all quoted equities at the Exchange rose from its opening value of N14.364 trillion to close at N14.881 trillion. The ASI had opened 2018 at 38,243.19 points while aggregate market value of quoted equities opened the year at N13.609 trillion.
All indices at the Exchange showed an exceedingly positive bullish sentiment. The NSE Banking Index posted above-average return with a gain of 5.3 per cent. The NSE Industrial Goods Index followed with a gain of 3.9 per cent. The NSE Consumer Goods Index appreciated by 2.4 per cent. The NSE Insurance Index rose by 2.0 per cent while the NSE Oil & Gas Index rallied a return of 0.9 per cent.
Dangote Cement led the rally with a gain of N9.50 to close at N247. Nigerian Breweries followed with a gain of N6 to close at N146. Conoil rose by N3.48 to close at N37.51. International Breweries rallied by N3.01 to close at N60. Beta Glass added N2.56 to close at N53.87. Guaranty Trust Bank gathered N2.27 to close at N47.25. Unilever Nigeria rose by N2.10 to close at N46.10. Zenith Bank chalked up N2.02 to close at N 32.02 per share. Lafarge Africa added N2 to close at N52 while Julius Berger Nigeria rose by N1.40 to close at N29.40 per share.
On the other hand, Guinness Nigeria led the decliners with a drop of N1.80 to close at N100.2. UACN Property Development Company followed with a loss of 3.0 kobo to close at N3 while Fidelity Bankdipped by 2.0 kobo to close at N2.92 per share.
The momentum of activities also improved significantly with a turnover of 1.09 million shares valued at N13.3 billion in 8,025 deals. Low-priced stocks remained atop activities chart. Transnational Corporation of Nigeria was the most active stock with a turnover of 184.73 million shares valued at N365.27 million. Diamond Bank followed with 136.61 million shares worth N314.52 million while Access Bank placed third with 121.96 million shares worth N1.44 billion.
“Following the sustained rally in the equities market, we reiterate our positive near-term outlook while anticipating the possibility of profit taking in subsequent sessions,” Afrinvest Securities-a Lagos-based dealer at the Exchange, stated.
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