Home Uncategorized Equities rally N175b gain as index regains 36,000 points
Equities rally N175b gain as index regains 36,000 points

Equities rally N175b gain as index regains 36,000 points

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Nigerian equities sustained a second day of consecutive rally on Thursday with a net capital gain of N175 billion as a scramble for large-cap stocks lifted the benchmark index for the stock market above the 36,000 points.

The main indices at the Nigerian Stock Exchange (NSE) indicated average day-on-day gain of 1.42 per cent, representing net capital appreciation of N175 billion. The sustained rally pushed the average year-to-date return to 34.39 per cent.

The All Share Index (ASI)-the common value-based index that tracks share prices at the Nigerian Stock Exchange (NSE), regained the 36,000 points to close on Thursday at 36,116.19 points as against its opening index of 35.609.07 points. Aggregate market value of all quoted equities also rose from its opening value of N12.273 trillion to close at N12.448 trillion.

The positive overall market situation was driven largely by gains recorded by highly capitalised stocks in the industrial and consumer goods sectors. The NSE Industrial Goods Index appreciated by 2.9 per cent while the Consumer Goods Index improved by 1.0 per cent. However, the NSE Oil & Gas Index dropped by 2.9 per cent. The NSE Banking Index dipped by 0.3 per cent while NSE Insurance Index slipped by 0.1 per cent while others followed suit.

The negative side, there were 22 decliners. Seplat Petroleum Development Company led with a drop of N24.10 to close at N457.90. Mobil Oil Nigeria followed with a loss of 99 kobo to close at N165.01. NCR Nigeria declined by 36 kobo to close at N6.97. Access Bank lost 31 kobo to close at N9.60. FBN Holdings dropped by 26 kobo to close at N5.76. Oando dipped by 23 kobo to close at N6.30 while may & Baker Nigeria dropped by 15 kobo to close at N3 per share.

Total turnover stood at 222.69 million shares worth N4.17 billion in 4,622 deals. Sterling Bank was the most active stock with 36.58 million shares worth N37.25 million. Royal Exchange followed with 35.72 million shares valued at N17.86 million while Fidelity Bank placed third with 21.91 million shares worth N29.93 million.

“We believe that the market will close the week in the green,” analysts at Afrinvest Securities stated.

(2354)

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