NSE LIVE! Equities sustain rally with N100b gain

Nigerian equities continued on the upswing for the second consecutive trading session on Wednesday as investors showed increasingly positive sentiment to emerging third quarter earnings. Most quoted companies are expected to release their nine-month interim reports within the next four working days.

Benchmark indices at the Nigerian Stock Exchange (NSE) showed widespread positive sentiment with nearly two advancers for every decliner. Equities posted average day-on-day gain of 0.25 per cent on Wednesday, equivalent to net capital gain of N100 billion. The uptrend nudged the average year-to-date return to 36.27 per cent.

Read also: NSE LIVE! Equities in marginal decline amidst Q3 anxiety

Aggregate market value of all quoted equities rose from its opening value of N12.575 trillion to close at N12.675 trillion. The All Share Index (ASI)-the common value-based index that tracks share prices at the Exchange, also trended upward from its opening index of 36,531.62 points to close at 36,622.85 points.

Most sectoral indices closed on the upside, reflecting the widespread bargain-hunting as investors reacted to generally steady third quarter earnings reports. The NSE Banking Index rose by 0.7 per cent. The NSE Oil and Gas Index appreciated by 0.4 per cent while the NSE Consumer Goods Index inched up by 0.1 per cent. However, the NSE Insurance Index slipped by 1.2 per cent while the NSE Industrial Goods Index closed flat.

Seplat Petroleum Development Company led the 23-stock advancers’ list with a gain of N10 to close at N490. GlaxoSmithKline Consumer Nigeria followed with a gain of N1.20 to close at N25.20. Nascon Allied Industries appreciated by 89 kobo to close at N15.22. UAC of Nigeria rose by 87 kobo to close at N118.38 while Dangote Flour Mills chalked up 35 kobo to close at N7.50 per share.

Total turnover stood above average at 332.99 million shares worth N4.66 billion in 3,577 deals. Banking stocks dominated the activities chart. The three most active stocks were United Bank for Africa, with 85.18 million shares; Zenith Bank, 43.45 million shares and Access Bank, with 41.13 million shares.

On the downside, oil and gas stocks led the 12-stock decliners’ list with Forte Oil leading with a loss of N2.23 to close at N42..42. Mobil Oil Nigeria followed with a drop of N1.85 to close at N156. International Breweries declined by N1.72 to close at N54.50. Cutix dropped by 22 kobo to close at N2.13 while University Press dropped by 11 kobo to close at N2.11 per share.

“Today (Wednesday)’s performance can be attributed to investors’ reaction to the released company results as well as bargain hunting. As observed in market breadth, investor sentiment should remain positive as more nine-month 2017 earnings trickle in,” Afrinvest Securities stated.

Gsent Talks....Taking You Further