NSE LIVE! Uneasy calm as Dangote rescues Nigerian equities

In from Success Allantee …
The Nigerian stock market broke away from its seven-day consecutive losing streak with a modest gain of 0.68 per cent as transactions on Dangote Cement Plc pulled the market away from another clear negative trading session.
Most equities were still trading on the losing side and the market was headed southward until the sudden rally by Dangote Cement, Nigerian Stock Exchange (NSE)’s most capitalised stock, which tilted the overall market position to the positive side while the price chart remained largely red.
The All Share Index (ASI), the composite value-based index that tracks prices of all quoted equities, inched up to regain its psychological position at 30,112.62 points as against its opening index of 29,909.44 points.
Aggregate market value of all quoted equities also inched up from N10.252 trillion to close at N10.321 trillion, representing a modest gain of N69 billion. The day-on-day gain moderated the negative average year-to-date return to -13.11 per cent.
But with 33 losers to 12 gainers and top ten gains including three and two kobo as against lowest top ten losses of between 50 and 30 kobo, the overall market position still belied the widespread selling sentiments haunting Nigerian equities.
The three companies within Dangote Group-Dangote Cement, Dangote Sugar Refinery and Dangote Flour Mills were among the 12 gainers yesterday. President of Dangote Group, Alhaji Aliko Dangote, was the immediate past president of the council of the Exchange.
Dangote Cement, which accounts for more than one-quarter of the total market capitalisation, led the rally with a gain of N8.52 to close at N180. Vitafoam Nigeria occupied a distant second position with a gain of 16 kobo to close at N5.85. Access Bank followed with a gain of 10 kobo to close at N4.20. FCMB Group and Nigerian Breweries rose by nine kobo each to close at N2.35 and N122.10 respectively. Dangote Sugar Refinery rose by eight kobo to close at N6.09. Dangote Flour Mills added seven kobo to close at N3 while Wema Bank inched up by three kobo to close at 89 kobo.
However, the bears were biting harder. Seplat Petroleum Development Company, which led the losers, dropped by N12.55 to close at N258.20. PZ Cussons Nigeria followed with a loss of N3.22 to close at N29.83. Nestle Nigeria declined by N2 to close at N840. Cadbury Nigeria dropped by N1.58 to close at N30.06. Lafarge Africa slipped by N1.55 to close at N101.50. Flour Mills of Nigeria dropped by N1.33 to close at N25.31. Seven-Up Bottling Company declined by 50 kobo to close at N190. Stanbic IBTC Holdings lost 46 kobo to close at N18.42. UACN Property Development Company dropped by 42 kobo to close at N8.13 while CAP lost 30 kobo to close at N41 per share.
“The market has continued to drift southwards due to lack of exciting news to drive the buy sentiment, hence, we advise investors to maintain a medium to long term considerations in making investment decisions,” analysts at Afrinvest Securities advised.
Total turnover stood at 307.99 million shares valued at N3.62 billion in 4,367 deals. Financial services sector accounted for 201.86 million shares worth N1.25 billion in 2,713 deals. Access Bank was the most traded stock with a turnover of 45.4 million shares worth N186.1 million in 327 deals.

Read also: NSE LIVE! Equities’ losing streak worsens with N272b loss

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