The Nigerian Stock Exchange (NSE) on Thursday, recovered from a three-day downturn to record gains on investments as value of stocks lead to 0.59 percent growth in the market benchmark indicator, the All Share Index (ASI).
The ASI which has lost 5.80 percent over the last three (3) days stepped into the positive zone on Thursday. Analysts have earlier speculated that the market will experience an erratic performance before investors begin to reposition in anticipation of the third quarter result.
Explaining the market outlook, Sewa Wusu of Sterling Capital, said, “In the immediate we will see an intermittent performance in the market until the next major catalysts, which is the third Quarter result (Q3)”
The upturn on Thursday was largely boosted by value appreciation recorded in some highly capitalised analysts picked stocks for 2017 such as: Dangote Cement Plc, Flour Mills of Nigeria Plc, Total Nigeria Plc amongst 15 stocks that gained against 27 losers.
The market’s benchmark performance indicator – the All-Share Index (ASI) appreciated by 214.20 points, representing a gain of 0.59 percent to close at 36,316.58 points as against 36,102.38 on Wednesday.
Similarly, the market capitalisation gained about N73.828 billion to close at N12.517 trillion as against N12.443 trillion the preceding day. A total of 5,110 deals were sealed, worth about 225.140 million shares with a value of N5.479 billion, while the year-to-date return on the ASI stood at 35.13 percent.
The financial services sector led the top traders table as Custodian and Allied Plc shares had the most trades with 30.300 million units traded for about N115.068 million.
Zenith International Bank Plc followed with 25.969 million units traded to a tone of N597.388 million. Guaranty Trust Bank Plc was next with 24.720 million units traded for a value N924.821 million. Investors also traded 14.615 million units of FBN Holdings Plc for N87.037 million. FCMB Group Plc shed off 14.110 million units for a value of N15.724 million.
Dangote Cement Plc’s share price increased the most, gaining N5.8 to close at N219.8 by the close of the trading day, from N214. Flour Mills of Nigeria Plc followed, gaining N1.36 from N27.53 to N28.89. Total Nigeria Plc gained N1.11, from N227 to N228.11. Zenith International Bank Plc rose N0.51 from N22.5 to N23.01. Dangote Sugar Plc followed with a N0.2 increase in its share price, from N12.8 to close at N13 at the close of trading.
On the laggard table, Mobil Oil Nigeria Plc recorded the biggest loss on Thursday, losing N11.84 of its share price, from N236.9 to N225.06, Nestle Nigeria Plc followed with a loss of N10 from N1220 to N1210. Guinness Nigeria Plc also lost N2.96 of its share price which opened at N87.96 to close at N85. Nigerian Breweries Plc followed losing N1 from N185 to close at N184, followed by Lafarge Africa Plc, losing N0.5 of its share price from N59 to close at N58.5 by the close of trading on Thursday.
