NSE: Trading resumes with 0.45% growth

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… Equities reopen with N63b gain***

Transactions on the Nigerian Stock Exchange (NSE) opened on a positive note on Monday with crucial market indices appreciating following gains by large and medium-size stocks.
The All-Share Index, within about six hours of trading on Monday, rose by 175.09 points or 0.45 per cent to close at 38,844.32 compared with 38,669.23 achieved on Friday.
Market capitalisation increased by N64 billion or 0.46 per cent to close at N14.071 trillion against N14.007 trillion recorded on Friday.
Presco led the gainers’ table, gaining N3.35 to close at N73.70 per share.
Nascon followed with a gain of N1.60 to close at N24, while Nigerian Breweries gained N1 to close at N118 per share.
Flour Mills added 60k to close at N33, while Guaranty Trust Bank gained 45k to close at N41.60 per share.
On the other hand, Lafarge Africa posted the highest price loss to lead the laggards’ table with a loss of 75k to close at N39.05 per share.
Berger Paint trailed with 45k to close at N8.55, while Eterna Oil depreciated by 31k to N6.25 per share.
BOC Gases declined by 22k to close at N4.21, while Ikeja Hotel lost 10k to close at N2.53 per share.
The volume of shares traded closed higher with a growth of 187.18 per cent.
Consequently, investors bought and sold 603.17 million shares worth N3.89 billion transacted in 3,832 deals.
This was in contrast with 210.03 million shares valued at N3.89 billion exchanged in 4,141 deals on Friday.
A breakdown of the activity chart shows that Ikeja Hotel dominated trading activities with 279.64 million shares worth N704.99 million.
United Capital Plc followed with an account of 79.128 million shares valued at N253.965 million, while Africa Prudential sold 56.77 million shares worth N242.91 million.
Dangote Sugar exchanged 32.52 million shares valued at N641.92 million, while Access Bank traded 22.345 million shares worth N241.05 million.

In the meantime, the Nigerian equities market reopened yesterday with a strong rally as bargain-hunters shifted demand to financial services and fast moving consumer goods stocks. Benchmark indices at the Nigerian Stock Exchange (NSE) indicated average gain of 0.45 per cent, equivalent to net capital gain of N63 billion.

The All Share Index (ASI)-the common value-based index that tracks share prices at the Exchange, rose from its opening index of 38,669.23 points to close at 38,844.32 points. Aggregate market value of all quoted equities also increased correspondingly from its opening value of N14.008 trillion to close at N14.071 trillion. Average year-to-date return improved to 1.57 per cent.

Sectoral indices showed that the positive overall market position was largely driven by gains in the financial services and fast moving consumer goods sectors. The NSE Banking Index appreciated by 1.1 per cent. The NSE Insurance Index and NSE Consumer Goods Index rose by 0.4 per cent each. On the downside, the NSE Industrial Goods Index dropped by 0.9 per cent while the NSE Oil & Gas Index dipped by 0.1 per cent.

There were 30 gainers against 20 losers. Presco led the gainers with a gain of N3.35 to close at N73.70. Nascon Allied Industries followed with a gain of N1.60 to close at N24. Nigerian Breweries added N1 to close at N118. Flour Mills of Nigeria appreciated by 60 kobo to close at N33. Guaranty Trust Bank rose by 45 kobo to close at N41.60 while FBN Holdings and Stanbic IBTC Holdings added 30 kobo each to close at N10.85 and N48.50 respectively.

Total turnover stood at 603.17 million shares valu3d at N3.89 billion in 3,832 deals. Ikeja Hotel led the activities chart with a turnover of 279.64 million shares valued at N705 million. United Capital followed with 79.13 million shares worth N253.97 million while Africa Prudential recorded a turnover of 56.77 million shares worth N242.91 million.

On the downside, Lafarge Africa led the losers with a drop of 75 to close at N39.05. Berger Paints declined by 45 kobo to close at N8.55. Eterna dropped by 31 kobo to close at N6.25. BOC Gases lost 22 kobo to close at N4.21 while Cement Company of Northern Nigeria, Dangote Sugar Refinery and Ikeja Hotel dropped by 10 kobo each to close at N26.50, N19.90 and N2.53 respectively.

Most analysts expected the market to remain on the upbeat. “We expect the positive performance to be sustained in the subsequent trading sessions as investors continue to hunt for bargain opportunities,” Afrinvest Securities stated.

Analysts at SCM Capital said they expected “sentiment to remain upbeat on account of continuous bargain-hunting”.

Additional report from The Nation