44 stocks advance, boost investors’ wealth by N176bn

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The Nigerian Stock Exchange All-Share Index appreciated by 1.4 per cent at the week open, thus boosting equities investment by N176bn at the close of trading.

The bourse sustained gain for the fourth consecutive session after 44 stocks closed in the green. A total of 262.167 million shares valued at N2.996bn exchanged hands in 4,283 deals.

The NSE ASI rose from 36,320.93 basis points to 36,831.93 basis points, while year-to-date gain expanded to 37.1 per cent. The market capitalization closed at N12.678tn from N12.502tn.

The major drivers of Monday’s performance were Dangote Cement Plc, Guaranty Trust Bank Plc and Zenith Bank Plc, which appreciated respectively by  2.9 per cent, 3.2 per cent and 0.9 per cent. Conversely, activity level waned as volume and value traded dipped by 28.6 per cent and 20 per cent to 262.2 million units and N3bn, respectively.

Sector performance was largely positive as all sector indices trended northward. The banking and oil/gas indices rose by 1.3 per cent apiece on the back of gains in GTBank, Zenith, and Total Nigeria Plc and Seplat Petroleum Development Company Plc, which rose apiece by five per cent.

The rally in Dangote Cement ensured the industrial goods index closed 1.2 per cent higher. In the same vein, the insurance and consumer goods indices rose by 0.5 per cent and 0.4 per cent on account of gains in Continental Reinsurance Plc and Nestle Nigeria Plc, which appreciated by 4.6 per cent and 0.6 per cent, accordingly.

Market breadth stayed positive as 44 stocks advanced against 15 which depreciated.

The top gainers were May & Baker Nigeria Plc, Presco Plc and FBN Holdings Pc, which appreciated by 11.9 per cent, 9.5 per cent and 7.7 per cent, respectively.

However, leading the losers’ table were Cutix Plc, Unity Bank Plc and MRS Oil Nigeria Plc, which declined by eight per cent, seven per cent and 4.9 per cent, respectively.

“We attribute Monday’s positive close to investor expectation of Q3 2017 earnings results. In subsequent sessions, we expect market to remain upbeat as early bird investors continue to position in equities ahead of earnings releases,” analysts at Afrinvest Securities said in a post.

Source: Punch

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