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NSE LIVE! Investors take position ahead of Q4

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Nigerian equities opened this week with widespread buying sentiments as investors anticipate the announcement of the members of the cabinet of President Muhammadu Buhari and the likely improvement in the national economy by the fourth quarter.
Against the background of N92 billion recorded at the last trading session on Friday, quoted equities on the Nigerian Stock Exchange (NSE) on Monday recorded capital gains of N234 billion as increased demand pushed most traded share prices up.
With 42 gainers and 11 losers, aggregate market capitalisation of the listed equities rose by N234 billion or 2.29 per cent from N10.204 trillion to close at N10.438 trillion. The benchmark index at the NSE, the All Share Index-a value-based index that tracks prices of all quoted equities, gained 680.89 basis points or 2.29 per cent to cross its 30,000 psychological base to 30,396.97 points as against its opening index of 29,689.08 points.
Cross-sectoral analysis showed that widespread positive sentiments across nearly all the sectors as all NSE indices appreciated with the exception of the NSE Insurance Index, which declined by 0.93 per cent to 132.95 basis points and the NSE Alternative Securities Market Index that closed flat. The NSE Main-Board Index advanced by 2.8 per cent from 1,394.75 basis points to 1,434.43 basis points, while the NSE Premium Board Index rose by 1.29 per cent from 1,625.82 basis points to 1,646.75 basis points. Also, the NSE 30 Index was up by 2.6 per cent from 1,333.48 basis points to 1,368.25 basis points, while the NSE Banking Index jumped by 2.96 per cent from 311.54 basis points to 320.78 basis points.
Guinness Nigeria, which has remained on the top gainers’ list since last week’s announcement of additional shares acquisition bid by its parent company, Diageo, rose by N15.58 to close at N167.77 per share. Nigerian Breweries followed with a gain of N6.78 to close at N134.55. Forte Oil rose by N5.65 to close at N228.90. Seplat Petroleum Development Company gathered N3.97 to close at N230. Conoil added N2.63 to close at N28.41. Dangote Cement chalked up N2.10 to close at N170.10. Lafarge Africa rose by N1.75 to close at N98. PZ Cussons Nigeria garnered N1.30 to close at N27.99 while Guaranty Trust Bank added N1.10 to close at N24.10 per share.

Read also: NSE LIVE! Equities stabilise with modest gain after JP Morgan’s scare

“We believe recent rally observed in the market remained connected to the expectation surrounding the announcement of Cabinet members by the Buhari-led government before the end of this month. Notwithstanding the above, we maintain our view that investors should trade cautiously and stay bullish on counters with solid fundamentals,” Afrinvest Securities, a Lagos-based securities firm, said.
Total turnover stood at 254.7 million shares valued at N3.84 billion in 3,798 deals. Zenith Bank was the most active stock with a turnover of 73.37 million shares worth N1.24 billion in 321 deals. Guaranty Trust Bank placed second with a turnover of 35.25 million shares worth N847.4 million in 279 deals.
On the downside, Cadbury Nigeria led the losers with a drop of N1.09 to close at N21.91. Van Leer followed with a drop of 51 kobo to close at N9.86. Ikeja Hotel dropped by 18 kobo to close at N3.61. AXA Mansard Insurance declined by 12 kobo to close at N2.35. Champion Breweries slipped by 11 kobo to N4.49 while E-Tranzact dropped by 10 kobo to close at N2.01 per share.

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