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Nigeria equities gain in choppy trade

Nigeria’s stock market closed positive on Tuesday October 13, reversing previous day’s loss, thanks to equities like Stanbic IBTC Holdings Plc and Nigeria Breweries Plc and others that helped drive the N3billion gain.

Investors showed interest in Stanbic IBTC Holdings stocks which pushed the price higher, from N42.5 to N44, up by N1.5 or 3.53 percent.
Also, increased bet on Nigerian Breweries Plc helped push the price from N48.6 to N49.1, up by 50kobo or 1.03 percent.

Other gainers include International Breweries Plc which advanced from N4.29 to N4.7, up by 41kobo or 9.56percent; Eterna Plc which rose from N3.99 to N4.38, adding 39kobo or
9.77 percent while Cadbury moved from N7.15 to N7.25, adding 10kobo or 1.40 percent.

The +0.02 percent increase in the NSE All Share Index ASI pushed slightly higher the year-to-date (YtD) positive return +5.60 percent.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) moved from day open low of 28,337.49 points to 28,344.04 points at the close of trading session on Tuesday, while market capitalisation increased from N14.811trillion to N14.814trillion, up by N3billion.

In 4,498 deals, investors exchanged 535,831,943 units valued at N5.019billion. GTBank Plc, UBA Plc, FBN Holdings Plc and Transcorp Plc were actively traded stocks on the Bourse.

Equity analysts at Lagos-based Vetiva Securities
had noted that with a number of investors still taking advantage of the recent bullish drive, coupled with the reduction of aggressive funds into the equities market, they expect some more price corrections in the next few sessions, “though the possibility of bargain hunting cannot be overruled.”

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