NSE gains N22bn over investors interest in blue-chip coys

The Nigerian Stock Exchange (NSE) equities market rebound on Tuesday over renewed investors interest in blue-chip companies after two consecutive days of the downward trend.

The market capitalisation gained N22 billion to close at N13.027 trillion against N13.005 trillion on Monday.

Consequently, the All-Share Index increased by 42.01 basis points to close at 24,972.89 basis points compared with 24,930.88 basis points achieved the previous trading session.

Sector performances were negative today as Oil & Gas (-4.37) and Banking (-0.79 per cent) sectors closed negative while the Industrial sector flat. However, the Consumer Goods sector (+4.19per cent) closed in the green.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Nestle, Flour Mills, Cadbury, Access Bank and Zenith Bank.

Nestle Nigeria led the gainers’ table in percentage terms, growing 10 per cent, to close at N1,094.50, per share.

Cadbury trailed with 6.67 per cent to close at N8, while Flour Mills improved by 4.35 per cent to close at N20.40, per share.

Wapic Insurance grew by 3.03 per cent, to close at 34k, while Transcorp appreciated by 2.78 per cent to close at 74k, per share.

Conversely, Seplat led the decliners’ table in percentage terms with a loss of 9.99 per cent, to close at N428.80, per share.

Neimeth followed with 9.57 per cent to close at N1.89, while NPF Micro Finance Bank declined by 9.04 per cent to close at N1.51, per share.

AXA Mansard dipped nine per cent to close at N1.82, while AIICO Insurance lost 8.25 per cent to close at 89k, per share.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 43.68 million shares valued at N1.03 billion.

UACN followed with 41.19 million shares worth N288.66 million, while FBN Holdings traded 35.37 million shares valued at N178.14 million.

FCMB Group traded 22.54 million shares valued at N38.79 million, while Access Bank transacted 15.35 million shares worth N104.47 million.

The total volume of traded rose by 32.72 per cent with an exchange of 265.96 million shares, valued at N2.71 billion and exchanged in 3,564 deals.

This was in contrast with 200.39 million shares worth N1.59 billion exchanged in 4,194 deals on Tuesday.

On market performance, analysts at Afrinvest Limited stated: “We are not optimistic of a rebound in market activities this week as investor sentiment remains weak.”

“The equities market closed positive today on the back of the buy interest witnessed in NESTLE. “Although market sentiments have tilted positive over the past few weeks, we retain our stance that this may be one of the best periods to pick up some quality names with a medium to long term horizon. We urge our clients to be cautious and only take positions in fundamental names,” said analysts at InvestmentOne research.