Nigerian equities rode on the back of increasing bargain-hunting to post net capital gain of N15 billion yesterday as investors stepped up premium orders for value stocks. With three gainers to very loser, thd overall market position closed with average gain of 0.1 per cent, equivalent to net capital gain of N15 billion.
The All Share Index (ASI)- the main index that tracks all share prices at the Nigerian Stock Exchange (NSE), increased from its opening index of 21,729.48 points to close at 21,757.47 points. Aggregate market value of all quoted equities also improved from its opening value of N11.324 trillion to close at N11.339 trillion. Average year-to-date return moderated to -18.9 per cent.
Sectoral indices showed mixed performance. The NSE Banking Index rallied above average gain of 6.0 per cent while the NSE Insurance Index rose by 1.9 per cent. On the negative side, the NSE Consumer Goods Index declined by 4.6 per cent. The NSE Oil and Gas Index dropped by 0.2 per cent while the NSE Industrial Goods also depreciated by 0.2 per cent.
There were 24 gainers against eight losers. Banking stocks dominated the top gainers’ list with Guaranty Trust Bank leading with a gain of 90 kobo to close at N18. Union Bank of Nigeria followed with a gain of 60 kobo to close at N6.60. Access Bank and Cadbury Nigeria chalked up 55 kobo each to close at N6.15 and N6.20 respectively while Zenith Bank and United Bank for Africa added 35 kobo each to close at N12.10 and N5.15 respectively.
On the negative side, Nestle Nigeria led the losers with a drop of N85 to close at N765. Stanbic IBTC Holdings followed with a loss of N1.80 to close at N24.30. Julius Berger Nigeria dropped by N1.70 to close at N22. GlaxoSmithKline Consumer Nigeria lost 30 kobo to close at N3.50 while Lafarge Africa and Nigerian Breweries declined by 20 kobo each to close at N9.30 and N26.80 respectively.
Total turnover however declined by 26.3 per cent to 172.1 million shares valued at N1.89 billion in 3,542 deals. Zenith Bank was the most active stock with a turnover of 40.64 million shares worth N488.8 million.
“Despite gains recorded in today’s session, low oil prices and the continuous spread of Covid-19 pose as major threats for investors in the domestic equities market,” Afrinvest Securities stated.