NSE LIVE! High-cap stocks rally equities to N190bn gain

Bargain-hunting for highly capitalised stocks on Tuesday rallied the equities market to a gain of N190 billion, following a reverse route to similar but negative trend when a steep loss by Dangote Cement pulled the market to a loss of N149 billion on Monday.

Dangote Cement, the most capitalised stock at the Nigerian Stock Exchange (NSE) led the rally on Tuesday, independently accounting for N125.24 billion out of the total net capital gain by the market.

The top gainers’ list was entirely made up of large-cap companies, otherwise known as blue chips, as investors turned round to take advantage of recent depreciation in share prices. The rallies by large-cap stocks weighed heavily on key market-wide and sectoral indices.

Read also: NSE LIVE! Dangote Cement drags equities to N149bn loss

Aggregate market value of all quoted equities on the NSE rose from its opening value of N8.507 trillion to close at N8.697 trillion, representing an increase of N190 billion.

The All Share Index (ASI), the benchmark index for the equities market, rallied average gain of 2.23 per cent to close at 25,129.27 points as against its opening index of 24,581.99 points. The strong rally helped to moderate the negative average year-to-date return to -6.49 per cent.

Most sectoral indices also closed on a positive note. The NSE Industrial Goods Index rose by 2.3 per cent. The NSE Banking Index appreciated by 1.8 per cent. The NSE Consumer Goods Index rose by 1.5 per cent while the NSE Oil & Gas Index inched up by 0.07 per cent. However, the NSE Insurance Index played the contrarian with a decline of 0.1 per cent.

Dangote Cement, which lost N192.4 billion on Monday, led the rally on Tuesday with a gain of N125.24 billion or N7.35 per share, to close at N156.61. Nigerian Breweries, the second most capitalised company at the stock market, followed on the 17-stock gainers’ list with a gain of N3.10 to close at N133.15.

Guinness Nigeria trailed with a gain of N3.05 to close at N64.40. Total Nigeria rose by N1 to close at N284. Guaranty Trust Bank added 95 kobo to close at N25.95. Forte Oil chalked up 40 kobo to close at N54.90. UAC of Nigeria rose by 20 kobo to N13 while Zenith Bank, Flour Mills of Nigeria and Unilever Nigeria garnered 19 kobo each to close at N14.69, N17.40 and N28 respectively.

Total turnover rose to 215.36 million shares valued at N2.6 billion in 3,692 deals. Banking stocks dominated the top activities chart. Access Bank was the most active stock with 43.77 million shares. Zenith Bank followed with 42.65 million shares while United Bank for Africa placed third with 18.93 million shares.

On the negative side, Okomu Oil Palm led the 18-stock losers’ list with a loss of N1 to close at N47. Africa Prudential Registrars followed with a drop of 12 kobo to close at N2.28. Nigerian Aviation Handling Company slipped by 8.0 kobo to close at N2.30. UACN Property Development Company and United Capital lost 6.0 kobo each to close at N1.79 and N2.66 respectively while DN Meyer, Caverton Offshore Support Group, FBN Holdings and Union Bank of Nigeria dropped by 4.0 kobo each to close at 83 kobo, 93 kobo, N3.04 kobo, N4.90 and N4.96 respectively.

“The positive close today (Tuesday) was broadly driven by bargain hunting in bellwethers and we expect this trend to persist in the trading session ahead,” Afrinvest Securities stated.

“We anticipate a positive trading at tomorrow`s session with the bulls regaining momentum as the market looks attractive,” SCM Capital stated in post-trading note.

 

 

 

 

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