NSE LIVE!… Nigerian equities in modest recovery

In from Success Allantee….

Nigerian equities opened Monday with a modest rally as investors sought to take positions in several equities, which had suffered significant depreciation in recent weeks. Besides, market analysts said investors might have sensed that key appointments and subsequent policy statements may not be long in coming.

After four consecutive declines last week, benchmark indices at the Nigerian Stock Exchange (NSE) indicated average day-on-day gain of 0.38 per cent, equivalent to about N43 billion.

The All Share Index, the composite index that tracks prices of all quoted equities, appreciated by 0.38 per cent to close at 33,384.59 points as against its opening index of 33,257.90 points. Aggregate market capitalization of all quoted equities rose from its opening value of N11.353 trillion to N11.396 trillion.

The stock market had recorded week-on-week average decline of 1.08 per cent last week, after share prices dropped consecutively from Tuesday to Friday. The modest uptrend yesterday moderated the negative overhang of the sustained depreciation with average year-to-date return now at -3.67 per cent.

The uptrend was driven by widespread bargain-hunting, especially within some highly capitalised stocks including Nigerian Breweries, Stanbic IBTC Holdings, Dangote Cement, Access Bank, Union Bank of Nigeria and Lafarge Africa among others.

Nigerian Breweries, Nigeria’s second most capitalised stock, led 26 other stocks on the gainers’ list with a gain of N2.55 to close at N150.57 per share. Presco rose by N1.60 to close at N33.60. Lafarge Africa rose by N1 to close at N100. International Breweries added 92 kobo to close at N19.44. Dangote Cement, the market’s most capitalised stock, and Unilever Nigeria, which is currently running a tender offer, added 50 kobo each to close at N175.50 and N45.50 respectively. Stanbic IBTC Holdings appreciated by 40 kobo to close at N28. Cement Company of Northern Nigeria rose by 32 kobo to N12. Union Bank of Nigeria gathered 26 kobo to close at N9.91 per share while Diamond Bank chalked up 23 kobo to close at N4.44 per share.

Total Turnover stood at 278.11 million shares valued at N3.83 billion in 3,771 deals. Financial services, driven by banking stocks, remained the most active with a turnover of 191.05 million shares valued at N2.42 billion in 1,952 deals. Zenith Bank was the most active stock with a turnover of 97.64 million shares valued at N1.9 billion in 308 deals.

On the other hand, Mobil Oil Nigeria led 21-stock losers’ list with a drop of N2.99 to close at N146.01. Okomu Oil Palm followed with a loss of N1.57 to close at N29.98. Seven-Up Bottling Company dropped by 90 kobo to close at N177.20. Guinness Nigeria declined by 85 kobo to close at N164.15. Cadbury Nigeria slipped by 57 kobo to close at N37. Flour Mills of Nigeria lost 50 kobo to close at N34.20. Nascon Industries Plc dropped by 38 kobo to close at N8.12. Red Star Express declined by 25 kobo to close at N4.75. Forte Oil dropped by 23 kobo to close at N179.75 while FBN Holdings lost 20 kobo to close at N8.21 per share.

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