Stocks Recoup N61.9bn After Three Bearish Weeks
CHUKWUMAH KELECHUKWU
Respite came the way of Nigerian Stock Exchange (NSE) on Thursday, June 27 as equity investors recouped N61.9billion gains after three weeks of bearish trade.
The NSE All Share Index (ASI) which measures performance of stocks rose 47 basis points or 0.47 percent to 29,749.35 points, moderating year to date (YTD) losses to -5.3 percent while market capitalisation increased to N13.1trillion.
Until yesterday, Nigerian equities market had reeled on a three week bearish grip, booking the highest monthly losses of N636.8billion in June as Wednesday, June 26.
With 26 stocks advancing on Thursday against 18 decliners the table turned, a positive performance attributed to gains in Nestle (+3.7), Seplat (+6.%) and Dangote Cement (+0.6%).
Leading the gainers were CCNN (+10.0%), BOC Gas, (+9.8%) and International Breweries (+9.6%) while Forte Oil (-9.9%), Berger (-9.8%) and Nigerian Breweries and (-7.3%) were the worst performers.
Activity level was mixed as volume traded fell 23.6 percent to 301.1m units while value traded surged to N5billion.
Transcorp (45.9m units), Guaranty Trust Bank (31.9m units) and Access Bank (31.8m units) were the top traded stocks by volume while Guaranty Trust Bank (N978.9m), Nestle (N778.6m) and Dangote Cement (N648.1m) led by value.
Performance across sectors was positive as 5 of 6 indices closed in the green.
The Industrial Goods index led with a 2.6 percent gain following price appreciation in CCNN (+10.0%) and WAPCO (+2.1%).
The Oil & Gas index rose 1.8 percent on account of an uptick in Seplat (+6.0%).
Similarly, gains in Nestle (+3.7), International Breweries (+9.6%) and Unilever (+0.2%) drove the Consumer Goods index 0.7% northwards.
The Insurance index gained 0.3 percent while the Banking index shed 0.3 percent as a result of selloffs in Stanbic IBTC (-1.3%), Zenith Bank, (-0.8%) and Sterling Bank (-6.4%).
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