• Sunday, May 19, 2024
businessday logo

BusinessDay

Total, Nestle, Forte, others gain as stock market rallies by 0.71%

businessday-icon

Total Nigeria plc, Nestle Nigeria plc, Forte Oil plc, PZ Cussons Nigeria plc, and Flour Mills Nigeria plc led the pack of gainers at the Nigerian Stock Exchange (NSE) yesterday.

Stock investors failed to price-in the outcome of the two-day Monetary Policy Committee (MPC) meeting as the stock market gained 0.71 percent yesterday and halted over a week-long loss path.

According to market analysts at BGL, “The outcomes of the meeting portend downward pressure on equities and fixed income assets immediately as banks mobilize funds to comply with the CRR decision since the decision takes immediate effect.”

“Without prejudice to the expectation that most Foreign Portfolio Investors (FPIs) have left the market prior to this pronouncements, the reprising of risks by most institutional investors in the equities space could push the market lower.”

READ ALSO: Stock investors reprice equities risks amid turmoil in Nigeria

Total Nigeria plc stocks rose from N147.4 to N157.47, adding N10.07; Nestle Nigeria plc rose from N860.01 to N865, adding N4.99; Forte Oil plc rallied from N200 to N204.2, adding N4.2; P Z Cussons Nigeria plc appreciated from N22.2 to N24.4, adding N2.2; while Flour Mills of Nigeria plc rose from N41.51 to N43.58, adding N2.07.

International Breweries plc led the pack of losers after its share price dropped from N28 to N26.6, losing N1.4. UAC-Properties plc dropped from N11.4 to N10.85, down by N0.55; Dangote Flour Mills plc dropped from N6.55 to N6.23, losing N0.32; Dangote Cement plc declined from N185.25 to N185, down by N0.25; while NAHCO plc share price dropped from N4.9 to N4.7, down by N0.2.

Trading activities on the Nigerian stock exchange increased by 34.55 percent as investors bought 357.77m shares worth N4.36bn, in 4,666.00 deals, Total Nigeria plc,
Nestle Nigeria plc, Forte Oil plc, PZ Cussons Nigeria plc, and Flour Mills Nigeria plc led the pack of gainers at the Nigerian Stock Exchange (NSE) yesterday.

Stock investors failed to price-in the outcome of two-day Monetary Policy Committee (MPC) meeting as stock market gained 0.71 percent yesterday and halted over a week-long loss path.

According to market analysts at BGL, “The outcomes of the meeting portend downward pressure on equities and fixed income assets immediately as banks mobilise funds to comply with the CRR decision since the decision takes immediate effect.”

“Without prejudice to the expectation that most Foreign Portfolio Investors (FPIs) have left the market prior to this pronouncements, the reprising of risks by most institutional investors in the equities space could push the market lower.”

Total Nigeria plc stocks rose from N147.4 to N157.47, adding N10.07; Nestle Nigeria plc rose from N860.01 to N865, adding N4.99; Forte Oil plc rallied from N200 to N204.2, adding N4.2; P Z Cussons Nigeria plc appreciated from N22.2 to N24.4, adding N2.2; while Flour Mills of Nigeria plc rose from N41.51 to N43.58, adding N2.07.

International Breweries plc led the pack of losers after its share price dropped from N28 to N26.6, losing N1.4. UAC-Properties plc dropped from N11.4 to N10.85, down by N0.55; Dangote Flour Mills plc dropped from N6.55 to N6.23, losing N0.32; Dangote Cement plc declined from N185.25 to N185, down by N0.25; while NAHCO plc share price dropped from N4.9 to N4.7,down by N0.2.

Trading activities on the Nigerian stock exchange increased by 34.55 percent as investors bought 357.77m shares worth N4.36bn, in 4,666.00 deals, compared to 265.90m shares worth N2.88bn, in 3,567.00 deals exchanged on Monday.

The Nigerian Stock Exchanges – All Share Index (ASI) appreciated by 0.71 percent (240.58 points) to close at 34,115.84 from 33,875.26 recorded last Monday. Market capitalisation also increased to 11.26trn from 11.18trn the preceding trading day.

Before now, market sentiments had favoured cautious trading due to risk scenario earlier seen around the naira; which triggered massive sell down on Nigerian assets – with a contagion on the performance and outlook of Nigerian equities.

In another development, the Nigerian Stock Exchange has de-listed four companies: Pinnacle Point Group plc, Afroil plc, Starcomms plc, and Big Treat plc. The NSE said the four companies failed to take any/or appropriate steps to regularise their listing status.

On Monday, 23 June 2014, the Nigerian Stock Exchange published a notice of its intention to de-list 24 listed companies from its Daily Official List, arising from their non-compliance with provisions of the Listings Rules of The Exchange and pursuant to Clause 15 of the General Undertaking.

The notice provided a three month window for each of the affected listed companies to regularise its listing status with The Exchange. Subsequently, a final de-listing notice was published on Tuesday, October 14, 2014.

“As of today, one of the affected companies has fully regularised its listing status. Further, 19 companies have taken some steps to regularise their listing status. The Exchange will continue to engage these 19 companies with a view to bringing them into compliance with their post listing obligations,” the NSE stated.