NSE LIVE! Investors stake N5.3b on equities as rally continues

In from Success Allantee …

Turnover at the Nigerian Stock Exchange (NSE) rose considerably yesterday as bargain-hunters and profit-takers scrambled for deals in the fourth day of a rally that had seen quoted equities garnering N451 billion so far this week.

Aggregate market value of all quoted equities rose by N31 billion from N10.764 trillion to close at N10.795 trillion. The benchmark index for the stock market, the All Share Index (ASI), a common value-based index that tracks all quoted equities, inched up by 0.29 per cent to close at 31,495.73 points as against its opening index of 31,403.75 points. This further moderated the negative average year-to-date return to -9.12 per cent.

Aggregate turnover volume and value of activities rose by 58.3 per cent and 75.5 per cent respectively. Investors staked N5.33 billion on 532.3 million shares in 4,405 deals. The financial services sector remained the dominant sector, accounting for 468.97 million shares worth N3.7 billion in 2,480 deals.

On stock-by-stock basis, Continental Reinsurance was the most active stock with a turnover of 126.94 million shares worth N118.06 million in eight deals. Guaranty Trust Bank followed with 65.67 million shares worth N1.64 billion in 312 deals. FBN Holdings recorded a turnover of 57.43 million shares valued at N390.5 million in 734 deals.

With 19 advancers against 28 decliners, the rally appeared to be under the selling pressure of profit-takers and the positive market position was largely due to gains by a handful of highly capitalised stocks.

Analysts were cautious that the market might witness a relapse given the extent of profit-taking transactions and slowdown in bargain-hunting.

“Although positive sentiments continue to pervade the equities market in the interim, we reckon that speculators may begin to take profit. Thus, we advise investors to continue to tread cautiously,” Afrinvest Securities advised in a post-trading review.

Analysts at SCM Capital were also cautious. “We anticipate mixed sentiments at tomorrow (Friday)`s trading session as the flurry of profit taking moderates the current positive momentum,” SCM Capital stated.

Nigerian Breweries, Nigeria’s second most capitalised quoted company, led the rally with a gain of N7.67 to close at N134.72. Mobil Oil Nigeria followed with a gain of N4.99 to close at N155. PZ Cussons Nigeria rose by N3 to close at N33. Dangote Cement added 50 kobo to close at N181. Transnational Corporation of Nigeria gathered 24 kobo to close at N2.70. Custodian and Allied Insurance rose by 16 kobo to close at N4.20. Fidson Healthcare added 15 kobo to close at N3.27 while Dangote Flour Mills rose by 10 kobo to close at N3.15 per share.

On the other hand, Forte Oil led the losers with a loss of N2.95 to close at N200. Seven-Up Bottling Company dropped by N2.50 to close at N192.50. Flour Mills of Nigeria declined by N1.62 to close at N30.84 per share. Ecobank Transnational Incorporated dropped by 60 kobo to close at N20. Oando lost 45 kobo to close at N12. Union Bank of Nigeria (UBN) slipped by 36 kobo to close at N7.34. Guaranty Trust Bank declined by 35 kobo to close at N24.70. Presco dropped by 19 kobo to close at N31. Premier Breweries lost 16 kobo to close at N3.10 while FBN Holdings dropped by 15 kobo to close at N6.75 per share.

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