Nigeria’s highest-priced stock-Nestle Nigeria, rose to all-time high of N1,495 on Wednesday as the food and beverage firm led the equities market to break a two-day losing streak.
Nestle Nigeria led 22 other stocks to reverse the negative trend at the equities market and regrouped the market for a rally.
Benchmark indices at the Nigerian Stock Exchange (NSE) showed an average day-on-day gain of 0.40 per cent, equivalent to net capital gain of N53 billion. The average year-to-date return thus improved to 41.15 per cent.
The positive overall market position was due largely to gains by highly capitalised companies such as Nestle Nigeria, Dangote Cement, Guaranty Trust Bank, Stanbic IBTC Holdings and Seplat Petroleum Development Company.
The All Share Index (ASI)-the common value-based index that tracks share prices at the Exchange, rose from its opening index of 37,783.76 points to close at 37,933.88 points. Aggregate market value of all quoted equities also increased from its opening value of N13.446 trillion to close at N13.499 trillion.
All sectoral indices closed positive, underlining the widespread rally across the sectors. The NSE Oil & Gas Index rose by 2.5 per cent. The NSE Consumer Goods Index rose by 0.6 per cent. The NSE Insurance Index appreciated by 0.2 per cent while the NSE Industrial Goods Index inched up by 0.1 per cent.
Nestle Nigeria led the 23-stock advancers’ list with a gain of N30.95 to close at N1,495. Seplat Petroleum Development Company followed with a gain of N27 to close at N567.05. Unilever Nigeria rose by N1.90 to close at N43.89. Guaranty Trust Bank appreciated by 60 kobo to close at N40.50. Stanbic IBTC Holdings added 58 kobo to close at N41.50 while Dangote Cement rose by 50 kobo to close at N229 per share.
Total turnover stood at 207.89 million shares valued at N3.39 billion in 4,873 deals. Sterling Bank was the most active stock with 34.26 million shares worth N34.27 million. Guaranty Trust Bank followed with a turnover of 24.92 million shares worth N995.81 million while Diamond Bank recorded a turnover of 15.83 million shares valued at N22.99 million.
On the downside, Flour Mills of Nigeria led the 22-stock decliners’ list with a drop of N1.49 to close at N28.36. GlaxoSmithKline Consumer Nigeria followed with a drop of N1.13 to close at N21.61. PZ Cussons Nigeria declined by N1.12 to close at N21.38. Cadbury Nigeria lost 40 kobo to close at N13 while Access Bank dipped by 38 kobo to close at N10.02 per share.
Analysts at Afrinvest Securities noted that investors took position in stocks that had declined in prior sessions, adding that the bargain hunting may continue to drive market performance in subsequent trading sessions.
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