After rallying N182 billion last week, Nigerian equities reopened on Monday on the upswing as increased market orders spurred the market to a net capital gain of N42 billion.
The All Share Index (ASI)-the benchmark index that tracks share prices at the Nigerian Stock Exchange (NSE), recorded average gain of 0.33 per cent on Monday to close at 36,970.81 points as against its opening index of 36,848.17 points. Aggregate market value of all quoted equities also rose from N12.684 trillion to close at N12.726 trillion.
The sustained rally nudged the average year-to-date return for Nigerian equities to 37.57 per cent.
Most sectoral indices showed a largely bullish market as investors continued to react to third quarter earnings season. One of Nigeria’s largest banks-United Bank for Africa (UBA) released its third quarter results, heightening expectations that other large-cap stocks might soon release their results.
The NSE Banking Index recorded above-average gain of 1.0 per cent while the NSE Insurance Index rose by 0.2 per cent. However, the NSE Oil & Gas Index closed flat while the NSE Consumer Goods Index dipped by 0.3 per cent.
There were 24 advancers against 15 decliners. GlaxoSmithKline Consumer Nigeria led the advancers with a gain of N1.05 to close at N22.05. Stanbic IBTC Holdings followed with a gain of N1 to close at N43. Zenith Bank rose by 80 kobo to close at N26.30. Nascon Allied Industries appreciated by 65 kobo to close at N13.85. Presco added 50 kobo to close at N67.50.. Dangote Cement chalked up 48 kobo to close at N223.98. UAC of Nigeria rose by 30 kobo to close at N16.50 while Flour Mills of Nigeria rose by 29 kobo to close at N30 per share.
On the negative side, Nigerian Breweries led the decliners with a drop of N2 to close at N163. Cutix dropped by 18 kobo to close at N2..21. Vitafoam Nigeria lost 12 kobo to close at N2.64. Custodian and Allied Insurance dropped by 10 kobo to close at N3.50 while Med-View Airlines slipped by 7.0 kobo to close at N3.50 per share.
Total turnover stood at 214.95 million shares valued at N2.73 billion in 4,262 deals. Transnational Corporation of Nigeria was the most active stock with a turnover of 30.996 million shares worth N48.07 million. United Bank for Africa followed with 25.47 million shares worth N236.18 million while Guaranty Trust Bank placed third with 23.31 million shares valued at N981.38 million.
“We expect the positive performance to be sustained in subsequent sessions as third quarter 2017 earnings results are released,” analysts at Afrinvest Securities stated.
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