Investors Gain N23bn In Equities Market Rebounds
UMORU ABDULKADIR
The Nigerian equities market on Tuesday closed positive as the twin indicators of the market increased by 0.18 percent respectively.
Specifically, the All-Share Index added 48.35 basis points or 0.18 per cent to close at 26,739.44 points as against 26, 691.09 points recorded on Monday.
Also, the market capittalisation gained N23 billion to or 0.18 per cent to settle at N12.739 trillion in contrast to N12.882 trillion posted the preceding day.
Consequently, the market breadth index was positive with 20 gainers led by Conoil compared to 13 losers topped by Lafarge Africa, while the year-to-date (ytd) returns improved at -14.93 per cent.
Conoil Plc led the advancers chart after its share price advanced from N15.4 to N16.9, adding 150 kobo. MTNN followed with a gain of 90 kobo to close trading at N121.9 per share.
Forte Oil Plc’s share price appreciated by 70 kobo to close at N16.6 per share. While Nigerian Breweries Plc share price increased to N49, adding 50 kobo, EkoCorp gained 37 kobo to close at N4.07 per share, among others.
On the other hand, the losers’ table was led by Lafarge Africa when it lost 25 kobo to close today’s trading at N14.65 per share, it was trailed by Zenith Bank which declined by 20 kobo to finish at N18.50 per share. United Capital shed 12 kobo to close at N2.18 per share. While African Prudential insurance recorded a depreciation of 10 kobo to close at N6.90, Ecobank Transnational Incorporated also dropped 10 kobo to close at N4.20 per share.
In terms of sectoral performance, the Nigerian Stock Exchange (NSE) Oil & Gas index was up by 0.49 per cent impacted by gains recorded in the shares of Conoil Plc and Forte Oil Plc; both inching up +9.74 per cent and +4.40 per cent respectively.
The NSE Consumer Goods index also closed up by 0.32 per cent, due to the buy interests in the shares of Honeywell Flour Mills Plc and sugar refiner, Dangote Sugar Refinery Plc with both adding +2.00 per cent and +2.14 per cent respectively, while beer producer, Nigerian Breweries Plc advanced by +1.03 per cent.
Conversely, the NSE Industrial index fell by 0.38 per cent due to the sell offs recorded in the shares of cement producer, Lafarge Cement Wapco Nigeria Plc which dipped by -1.68 percent, while the NSE Banking index which dipped 0.11 per cent, owing to the profit taking in Guaranty Trust Bank Plc and Jaiz Bank Plc; which recorded depreciation of 4.93 per cent and 2.56 per cent each, while Fidelity Bank Plc and Zenith Bank Plc went down by 1.52 per cent and 1.07 per cent apiece.
UACN Plc topped the list of most active stocks for the day, as it sold 117.7 million shares worth N826.98 million in 153 deals. It was followed by First Bank Holdings, which traded 47.8 million shares valued at N323.88 million in 438 deals. Access bank exchange 40.3 million shares worth N391.77 million in 454 deals. While Zenith Bank Plc had a turnover of 21 million shares valued at N390.7 million in 435 deals, UBA traded 20.2 million shares valued N144.50 million in 342 deals, thus, completing the table for the top five most traded stocks on Tuesday.
Jide Solanke, an analyst at the FSDH Securities limited said, the gains recorded in the equities market today were as a result of the gains recorded in the Oil & Gas and Consumer Goods sectors. Despite the gains, we still maintain that investors should take positions in quality names with a medium to long time investment horizon as prices remain attractive at current levels.
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