Equities market ends losing streak with 0.47% gain

Motolani Oseni

The equities market of the Nigerian Stock Exchange (NSE) on Thursday ended three consecutive trading days loss with 0.47 per cent gains.

In summary, the All Share Index (ASI) gained 140.35 absolute points, representing a gain of 0.47 per cent to close at 29,749.35 points. Similarly, the market capitalisation gained N62 billion, to close at N13.110 trillion.

The upturn was significantly impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, Seplat Petroleum Development Company (Seplat), International Breweries, Cement Company of Northern Nigeria and Dangote Cement.

Analysts at APT Securities and Funds Limited said “We retain our cautious trading advice in the short run. However, accumulation of fundamentally justified and dividend-paying stocks for mid to long term is recommended.”

While analysts at Cordros Capital stated that “Our outlook for equities in the short to medium term remains conservative, amidst the absence of a positive catalyst.”

Market breadth was positive, with 26 gainers versus 18 losers. CCNN recorded the highest price gain of 10 per cent, to close at N13.20, per share. BOC Gases Nigeria followed with a gain of 9.84 per cent to close at N4.13, while International Breweries appreciated by 9.58 per cent to close at N18.30, per share.

Courteville Business Solutions went up by 8.70 per cent to close at 25 kobo, while Consolidated Hallmark Insurance appreciated by 8.33 per cent to close at 26 kobo, per share. On the other hand, Forte Oil led the losers’ chart by 9.87 per cent, to close at N27.40, per share.

Berger Paints followed with a decline of 9.79 per cent to close at N6.45, while Nigerian Breweries declined by 7.26 per cent to close at N57.50, per share.

Sterling Bank depreciated by 6.38 per cent to close at N2.20 and Transnational Corporation of Nigeria (Transcorp) declined by 4.39 per cent to close at N1.09 per share.

However, the total volume traded depreciated by 23.57 per cent to 301.18 million shares, worth N5.03 billion, and traded in 4,187 deals. Transactions in the shares of Transcorp topped the activity chart with 45.97 million shares valued at N48.91 million.

Guaranty Trust Bank followed with 31.9 million shares worth N978.97 million, while Access Bank traded 31.76 million shares valued at N210.19 million.

FBN Holdings traded 28.73 million shares valued at N193.08 million, while Zenith Bank sold 23.34 million shares worth N464.80 million.