NSE RoundUp! Equities close with N38b gain

Nigerian equities ended the largely bearish trading sessions this week with a gain of N38 billion at the last trading session on Friday at the Nigerian Stock Exchange (NSE).

After several days of negative trading sessions that had seen prices of several value stocks dropping to recent lows, bargain-hunters appeared to return fully to the Exchange on Friday with more than two advancers for every decliner.

The rally added N38 billion to the market value of all quoted equities, equivalent to average day-on-day gain of 0.44 per cent. This helped to moderate the negative average year-to-date return to -6.36 per cent.

Aggregate market value of all quoted equities on the NSE increased from its opening value of N8.671 trillion to close at N8.709 trillion. The All Share Index (ASI), the common value-based index that tracks prices at the Exchange, also improved from 25,055.29 points to close at 25,164.91 points.

With 21 gainers to 10 losers, the positive market situation was driven by widespread bargain-hunting that turned the market into a seller’s market, giving divesting investors opportunities to sell at premium. Total Nigeria led the gainers with a gain of N2.90 to close at N273.01.

Read also: NSE LIVE! High-cap stocks lift equities to N34bn gain

Nigerian Breweries followed with a gain of N1.98 to close at N115. Julius Berger Nigeria rose by N1.82 to close at N38.39. PZ Cussons Nigeria gathered N1.23 to close at N13.39 while Presco chalked up N1.01 to close at N47.01.

Total turnover volume and value also increased considerably by 232 per cent and 29 per cent respectively, underlining the bullish sentiments that drove the last trading session of the week. Total turnover stood at 480 million shares worth N1.98 billion in 2,713 deals.

Staco Insurance was the most active stock with 252.12 million shares valued at N126.06 million. United Capital followed with 61.96 million shares worth N240.88 million while Zenith Bank placed third with 59.5 million shares worth N893.06 million.

On the negative side, Forte Oil resumed its decline with a loss of N3.11 to close at N59.21. UACN Property Development Company followed with a loss of 10 kobo to close at N1.94. Custodian and Allied declined by 8.0 kobo to close at N3.24. Guinness Nigeria lost 5.0 kobo to close at N60.95 while FBN Holdings dropped by 4.0 kobo to close at N3.30 per share.

“We expect renewed interest from risk tolerant investors next week as we approach the release of more results for 2016 financial year-end. The market is currently trading in the oversold region – a buyers’ market opportunity,” analysts at SCM Capital stated on the outlook for equities in the next trading sessions.

 

 

 

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