NSE LIVE! Oil stocks rally equities amidst widespread selling spree

There were more decliners than advancers as the equities market reopened on Monday to widespread selling orders but gains recorded by oil and gas stocks rallied the stock market to a marginal gain.

Key indices at the Nigerian Stock Exchange (NSE) showed a marginal gain of 0.01 per cent or N1 billion on Monday. Aggregate market value of all quoted companies on the NSE inched up from N8.855 trillion to close at N8.856 trillion. The All Share Index (ASI), the value-based index that tracks prices at the stock market, rose slightly from 25,740.83 points to close at 25,743.03 points.Average year-to-date return closed at -10.12 per cent.

With 23 losers to 15 gainers, the positive overall market situation was driven by gains recorded by Total Nigeria, Forte Oil, Oando and Nigerian Breweries among others.

Total Nigeria led the gainers with a gain of N25.35 to close at N276.15. Forte Oil followed with a gain of N6.68 to close at N71.94. Nigerian Breweries added N1.94 to close at N145. CAP rose by N1 to close at N34 while Oando chalked up 34 kobo to close at N4.70 per share.

Total turnover stood at 175.05 million shares valued at N3.14 billion in 3,048 deals. The most active stock was Zenith Bank with 29.52million shares valued at N421.04 million. It was followed by Wapic Insurance, which recorded a turnover of 15.3 million shares valued at N7.65 million.

Read also: NSE LIVE! Banks hard hit as equities lose N2.79tn in 11 months

Sectoral analysis underlined widespread selling sentiments that marked transactions at the stock market on Monday. The NSE Industrial Goods Index depreciated by 1.5 per cent. The NSE Insurance Index dropped by 1.2 per cent while the NSE Banking Index declined by 0.5 per cent. . Performance across sectors was also mixed as two indices appreciated while three declined. On the other hand, the NSE Oil & Gas Index appreciated by 3.6 per cent while the NSE Consumer Goods Index inched up by 0.05 per cent.

Guinness Nigeria led the losers with a loss of N8.67 to close at N80.33. Nestle Nigeria dropped by N5 to close at N815. Lafarge Africa declined by N1.80 to close at N40.90. Mobil Oil Nigeria lost 82 kobo to close at N323.31. Flour Mills of Nigeria dropped by 70 kobo to N18.50. Stanbic IBTC Holdings depreciated by 50 kobo to close at N14.50 while Guaranty Trust Bank lost 49 kobo to close at N23 per share.

“The weak sentiment amidst flattish performance of the broader index highlights investors’ apathy for equities despite attractive valuation. We expect this to continue until the “Santa rally” begins to usher in a new year as investment managers reposition portfolios,” analysts at Afrinvest Securities stated.

 

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