NSE ASI opens week on 0.51% gain as positive sentiment prevails

*FCMB 9.84% merged highest gainer, Eterna worst loser with 6.82%

The Nigerian equities market opened the new week yesterday on sustained growth trajectory as the Nigerian Stock Exchange’s All- Share Index further gained 0.51 per cent.

The growth was powered by gains recorded by highly capitalized stocks, which pitched demand against supply in the equities segment of the market.

The market summary report showed that the bullish trend was largely on account of gains in Dangote Cement Plc and some banking stocks.

Market segment closed flat hence, 26 equities appreciated against 26 equities that recorded decline. Irrespective of the prevailing profit taking experienced in some selective Consumer and Oil and Gas stocks, the market closed bullish.

FCMB with 9.84 per cent appreciation topped the gainers’ table for the day, while ETERNA closed the day’s trade as the worst performer with 6.82 per cent loss.
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Also, Transcorp was the most actively traded stock with 194 million units of shares worth N400m.

The sector performances was mixed as the NSE’s Banking Index gained 1.06 per cent, following the gains recorded by Zenith bank, which gained 2.37 per cent, Guaranty Trust Bank (GTB) gained 2.24 per cent, FCMB appreciated by 9.84 per cent, Fidelity 5.00 per cent and 0.78 per cent growth recorded by FBNH.

Other sectoral performances were subdued as the NSE Industrial Index declined by 1.56 per cent, largely driven by the loss in Lafarge Africa’s 4.99 per cent decline.

The NSE’s Oil and Gas Index also closed on negative note by 0.80 per cent, driven by 4,69 per cent loss in Forte Oil and 6.82 per cent decline by ETERNA oil.

The NSE Consumer Goods Index followed the same trend as it lost 0.05 per cent, due to losses recorded by industry giants, NB declined 1.30 per cent, Dangote Cement lost 4.56 per cent, while Nigerian Flour Mill declined by 4.31 per cent.

Investment One’s remark on market activity noted “Going forward, we highlight the potential for further profit taking, which may drive the market to a negative close. However, this may present a decent entry opportunity into our recommended names in anticipation of the release of full year results later this quarter.”

Bonny Amadi