Nigerian equities sustained a positive overall market position on Wednesday as large-cap stocks continued to muffle wide sell pressure. With 21 decliners to 17 advancers, the market performance was boosted by gains recorded by large-cap banking stocks.
The main value-based indices at the Nigerian Stock Exchange (NSE) showed average gain of 0.26 per cent, equivalent to net capital gain of N33 billion. The average year-to-date return spiraled upward to 37.90 per cent.
Aggregate market value of all quoted companies on the Exchange increased from the opening value of N12.740 trillion to close at N12.773 trillion. The All Share Index (ASI)-the main value-based index that tracks share prices at the Exchange rose from its opening index of 36,962.48 points to close at 37,059.21 points.
Sectoral indices showed largely negative performance. The NSE Banking Index appreciated by 1.0 per cent while the NSE Consumer Goods Index inched up by 0.3 per cent. However, the NSE Industrial Goods Index declined by 1.1 per cent. The NSE Insurance Index dropped by 1.2 per cent while the NSE Oil & Gas Index slipped by 0.8 per cent.
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Nigerian Breweries-Nigeria’s second most capitalised stock, led the gainers with a gain of N2.01 to close at N185.02. Stanbic IBTC Holdings followed with a gain of 85 kobo to close at N38.85. Zenith Bank rose by 45 kobo to close at N23.50. Access Bank added 39 kobo to close at N10.24. United Capital rose by 15 kobo to close at N3.15 while United Bank for Africa added 12 kobo to close at N9.50 per share.
On the negative side, Total Nigeria led the losers with a drop of N11.51 to close at N228. Seven-Up Bottling Company followed with a drop of N4.84 to close at N92.12. Lafarge Africa declined by N1.49 to close at N57.01. Flour Mills of Nigeria lost N1.33 to close at N28.52. Unilever Nigeria declined by 55 kobo to close at N45 while Forte Oil dropped by 50 kobo to close at N50 per share.
Investors staked N5.53 billion on 264.28 million shares in 3,849 deals. Banks remained atop the activities chart. The three most active stocks were Zenith Bank, with 57.24 million shares, United Bank for Africa, 40.59 million and Guaranty Trust Bank, which recorded 28.49 million shares.
“The negative performance experienced in previous sessions presents an opportunity for investors to source for bargain and we expect this trend to be sustained in trading sessions ahead,” Afrinvest Securities stated.
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