Business

NSE ROUND-UP! Equities in tight trading amidst marginal recovery

Published

7 years ago

October 4, 2017

Trading of Nigerian equities on Wednesday was mixed as investors awaited the third quarter earnings of early filers. After a sell-off that started the fourth quarter on Tuesday, investors resumed bargain-hunting on Wednesday but the underlying sentiment remained weak.

Benchmark indices at the Nigerian Stock Exchange (NSE) showed a marginal gain of 0.15 per cent, slightly raising the average year-to-date return to 31.57 per cent.

The All Share Index (ASI)-the common value-based index that tracks share prices at the Exchange, appreciated marginally from its opening index of 35,306.09 points to close at 35,358.57 points. However, the cancellation of some previously issued shares by United Bank for Africa (UBA) depressed the aggregate market value of all quoted companies by N219 million to N12.171013 trillion as against the opening value of N12.171231 trillion.

Most sectoral indices closed in the positive. The NSE Banking Index rose by 0.6 per cent. The NSE Oil & Gas Index gained 0.2 per cent while the NSE Consumer Goods Index inched up by 0.03 per cent. On the downside, the NSE Insurance Index dropped by 0.6 per cent while the NSE Industrial Goods Index closed flat.

There were 19 advancers against 18 decliners. Nestle Nigeria again led the advancers with a gain of N5.02 to close at N1, 220.02. Total Nigeria followed with a gain of N4.50 to close at N239.50. International Breweries rose by N1 to close at N38. Nascon Allied Industries appreciated by 60 kobo to close at N12.62 while Stanbic IBTC Holdings chalked up 49 kobo to close at N40.50.

On the negative side, MRS Oil and Gas led the decliners with a drop of N1.59 to close at N30.39. Dangote Sugar Refinery dropped by 46 kobo to close at N13.47. Nigerian Breweries declined by 40 kobo to close at N161.60. FBN Holdings lots 16 kobo to close at N5.61 while Ecobank Transnational Incorporated and Custodian and Allied dropped by 10 kobo each to close at N17.10 and N3.50 respectively.

Total turnover stood at 174.06 million shares valued at N2.72 billion in 3,599 deals. Banks were the most active stocks. The three most active UBA, with 25.39 million shares; FBN Holdings, 23.37 million shares and Zenith Bank, which recorded 17.34 million shares.

“In subsequent session, we anticipate similar market performance as investors await third quarter 2017 earnings scorecards,” Afrinvest Securities-a Lagos-based dealer at the NSE, stated.

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