Nigerian equities sustained the third consecutive uptrend on Thursday as increased investors’ appetite pushed the market to its best performance in more than two months.
With nearly two gainers for every loser, aggregate market value of all quoted companies rose by N282 billion.
Aggregate market value of all quoted companies on the Nigerian Stock Exchange (NSE) closed higher at N9.761 trillion as against its opening value of N9.479 trillion.
The All Share Index (ASI), the main benchmark index for the stock market, also appreciated by 2.97 per cent to close at 28,419.92 points as against its opening index of 27,599.03 points.
The sustained rally boosted the overall market position, reducing the negative average year-to-date return -0.78 per cent.
With 25 gainers to 13 losers, the market situation showed widespread positive sentiments across the sectors. All sectoral indices closed positive. The NSE Industrial Goods Index appreciated by 4.6 per cent. The NSE Banking Index rose by 0.4 per cent.
The NSE Insurance Index improved by 0.3 per cent. The NSE Consumer Goods Index rose by 0.4 per cent while the NSE Oil and Gas Index returned 0.5 per cent.
Dangote Cement led the rally with a gain of N15.11 to close at N191. Forte Oil followed with a gain of N2 to close at N177. CAP rose by N1.48 to close at N31.57. Guinness Nigeria added N1.14 to close at N94.65. Nigerian Breweries chalked up 98 kobo to close at N141.
GlaxoSmithKline Consumer Nigeria and PZ Cussons Nigeria rose by 50 kobo each to close at N19.01 and N18.70 respectively while Ecobank Transnational Incorporated gathered 13 kobo to close at N11.67.
Total turnover stood at 229.22 million shares valued at N2.12 billion in 3,243 deals. Banking stocks remained atop the activities chart. Diamond Bank was the most active with 62.48 million shares valued at N67.87 million. FCMB Group followed with 47.29 million shares worth N50.4 million.
“Market performance has remained dictated by bargain hunting and profit taking by short term investors arbitraging on the value stocks. With the market sustaining three consecutive positive trading sessions, we expect profit-taking in subsequent ones,” Afrinvest Securities, a Lagos-based dealer on the NSE, stated.
On the negative side, Chellarams led the losers with a loss of 17 kobo to close at N3.41. Champion Breweries dropped by 11 kobo to close at N2.47. Nigerian Aviation Handling Company lost 10 kobo to close at N3.40 while Caverton Offshore Services Group, Cutix and Tripple Gee dropped by 7.0 kobo each to close at N1.39, N1.50 and N1.46 respectively.
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