Investors at the Nigerian Stock Exchange (NSE) booked gains valued at about N490 billion on Tuesday, May 28, 2019 as more value stocks were on demand.
Topmost amongst them are Nestle Nigeria Plc, Seplat Petroleum Development Company (SEPLAT) Plc, Dangote Cement Plc, MTN Nigeria Communications Plc and that of Nigerian Breweries Plc. At the sound of closing gong 30 stocks gained against 6 losers.
Despite the hunt for bargains in Tuesday’s session, stock prices remain attractive across the board and as such investors are expected to take advantage of the good entry point during Wednesday’s trading session.
The direction of the two market heavyweights Dangote Cement Plc and that of MTNN could still dictate the performance of the bourse.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased by 3.68percent, while the Year-to-Date (Ytd) return stood at -0.39percent.
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The All Share Index closed at 31,307points against the preceding day close of 30,194.71points while Market Capitalisation closed at N13.789 trillion as against preceding day close of N13.299 trillion.
Nestle led the gainers after gaining N50 or 3.57percent, from N1400 to N1450. Seplat followed after rising from N520 to N549.9, adding N29.9 or 5.75percent.
The share price of Dangote Cement Plc moved up from N192 to N201.6, adding N9.6 or 5percent. MTNN rallied from N130 to N132.55, up by N2.55 or 1.96percent, while Nigerian Breweries gained N2, from N58 to N60, up 3.45percent.
Flourmills Nigeria Plc recorded the biggest loss, after moving from a high of N13.75 to N13.35, down by 40kobo or 2.91percent. Likewise, PZ Cussons Nigeria Plc made the top decliners list after dropping from N8.5 to N8.1, down by 40kobo or 4.71percent. Eterna Plc dipped from N4 to N3.65, losing 35kobo or 8.75percent. NAHCO Plc was down from N3.3 to N3.18, after its share price lost 12kobo or 3.64percent; while that of Africa Prudential decreased from N3.6 to N3.56, losing 4kobo or 1.11percent.
The volume of stocks traded increased by 132.31percent, from 148.213 million to 344.309 million, while the total value of stocks traded increased by 227.87percent from N2.218 billion to N7.271 billion in 4,456 deals.
The Financial Services sector led the activity chart with 271.9million shares exchanged for N4.097 billion; while Services followed with 21.3 million shares traded for N67million.
