The Nation Newspaper

Tag: equities

  • Equities slip further with N11b loss

    The equities market posted a negative performance yesterday as the market continued to experience selling pressure especially on consumer goods and oil and gas stocks.

    The benchmark index, the All-Share Index (ASI) shed 32.86 absolute points, representing a dip of 0.13 per cent to close at 26,245.34 points. Similarly, the market capitalization declined by N11 billion, to close at N9.030 trillion.

    The dip was largely due to depreciation recorded in some medium and large capitalized stocks including Guinness, Unilever, Forte Oil, Nestle, Okomu Oil, Mobil, ETI and Zenith Bank.

    Analysts noted said that, “Given the current weak macro-economic fundamentals, market performance remains subdued in opening trades this year save for the rally in banking stocks. Hence, barring any news to stoke investors’ appetite and release of company earnings, we expect further losses for the rest of the week.”

    Also, performance across sectors was largely bearish. The Oil & Gas index led sector losers’ closing 0.44 per cent lower due to persistent sell-offs in Forte Oil and Oando. The Consumer Goods index went down by 0.2 per cent continued the bearish streak which has persisted since the start of the year as losses in Nestle, Guinness and Unilever dragged the index lower. Similarly, the Banking index shed 0.10 per cent due to profit taking in ETI and Zenith Bank, while the Industrial Goods and Insurance indices closed the day flat.

    Market breadth closed negative with 12 gainers and 20 losers. AG Leventis led the gainers table by 4.76 per cent to close at 88 kobo per share. Cutix followed with a gain of 2.11 per cent to close at N1.45, while Airline Services gained 1.92 per cent to close at N2.65 per share.

    Also, Wema Bank went up by 1.89 per cent to close at 54 kobo and Continental Reinsurance rose by 1.82 per cent to close at N1.12 per share.

    On the other hand, Guinness and Portland Paints led the laggards’ table by five per cent each, to close at N63.65 and N1.71 per share, respectively, while Diamond Bank trailed with a loss of 4.80 per cent to close at N1.19 per share.

    Also, Unilever declined by 4.29 per cent to close at N33.50, while Transcorp shed by 3.33 per cent to close at 87 kobo per share.

    Meanwhile, the total volume traded appreciated by 6.17 per cent to 394.82 million shares, valued at N1.37 billion, and traded in 3,015 deals. Transactions in the shares of Continental Reinsurance topped the activity chart with 149.57 million shares valued at N164.52 million. Fidelity Bank followed with 51.64 million shares worth N48.04 million, while United Capital traded 30.25 million shares valued at N105.46 million.

    Diamond Bank traded 26.13 million shares worth N31.36 and UBA transacted 21.56 million shares valued at N109.83 million.

  • Equities lose N215b in first week

    Investors in quoted equities on the Nigerian Stock Exchange (NSE) lost N215 billion in four-day trading sessions last week as the stock market reopened for the new business year with a tinge of bearishness amidst profit-taking transactions.

    Against the background of a full-year loss of N604 billion or -6.17 per cent in 2016, quoted shares started off this year with unsteady gaits.With 31 decliners to 18 advancers, the market traded negative consecutively for three trading sessions. Benchmark indices at the Exchange at the weekend indicated a week-on-week average decline of 2.32 per cent, equivalent to net capital loss of N215 billion.

    Aggregate market value of all quoted equities declined from the year’s opening value of N9.247 trillion to close the first week at N9.032 trillion. The All Share Index (ASI), the main benchmark for the Nigerian stock market, also declined from the year’s opening index of 26,874.62 points to close the week at 26,251.39 points.

    All sectoral and group indices also closed negative, underlining the widespread negative sentiments that dictated trading during the week. The NSE Industrial Goods Index recorded the highest loss of 3.02 per cent. The NSE Industrial Goods Index followed with a negative return of 2.28 per cent. The NSE 30 Index, which tracks the 30 most capitalised companies on the Exchange, declined by 2.05 per cent. The NSE Oil and Gas Index dropped by 1.64 per cent. The NSE Banking Index lost 1.57 per cent while the NSE Insurance Index slipped by 0.17 per cent.

    On stock by stock basis, Nigerian Aviation Handling Company (Nahco) recorded the highest loss, in percentage terms, of 13.9 per cent to close at N2.72. Cement Company of Northern Nigeria followed with a drop of 13.4 per cent to close at N4.33. NEM Insurance lost 9.5 per cent to close at 95 kobo. Sterling Bank dropped by 7.9 per cent to close at 70 kobo while Cadbury Nigeria slipped by 7.7 per cent to close at N9.50 per share.

    On the other hand, UACN Property Development Company recorded the highest gain of 14.5 per cent to close at N3. United Capital followed with a gain of 10.6 per cent to close at N3.02. Access Bank rose by 7.0 per cent to close at N6.28. Eterna added 6.5 per cent to close at N3.30 while FCMB Group rose by 6.4 per cent to close at N1.17 per share.

    Total turnover stood at 4.32 billion shares worth N7.386 billion in 9,330 deals, a significant increase on a total of 405.94 million shares valued at N3.72 billion traded in 6,363 deals in the previous week. Financial services sector dominated the activities chart with a sectoral turnover of 4.18 billion shares valued at N5.31 billion traded in 5,047 deals; representing 96.7 per cent and 71.9 per cent of the total equity turnover volume and value respectively. The oil and gas sector occupied a distant second with 65.83 million shares worth N594.52 million in 1,385 deals while the conglomerates sector placed third with a turnover of 26.49 million shares worth N48.16 million in 299 deals.

    Turnover was driven largely by cross deals recorded in Unity Kapital Assurance. Altogether, Unity Kapital Assurance Plc, Omoluabi Savings and Loans Plc and FCMB Group Plc accounted for 3.86 billion shares worth N3.01 billion in 286 deals, representing 89.5 per cent and 40.9 per cent of the total equity turnover volume and value respectively.

    Also traded during the week were a total of 55 units of Exchange Traded Products (ETPs) valued at about N506 in 11 deals, compared with a total of 9,965 units valued at N56, 446 traded in 16 deals in the previous week.

    In the debt segment, a total of 5,100 units of Federal Government Bonds valued at N5.12 million were traded this week in two deals.

  • Dangote Cement pushes equities to N97b loss

    Dangote Cement pushes equities to N97b loss

    A significant depreciation in the share price of Nigeria’s most capitalised quoted company, Dangote Cement Plc, dampened the market situation at the Nigerian Stock Exchange (NSE) yesterday as the loss suffered by the cement company reversed hitherto positive market position to a net capital loss of N97 billion.

    With its first widespread rally this year and more advancers than decliners, the Nigerian stock market was on course for a modest gain but a 4.01 per cent decline in share price of Dangote Cement overwhelmed other gains and left the overall market position with its third consecutive decline.

    Dangote Cement accounts for nearly one-third of total market capitalisation at the Exchange. Dangote Cement recorded the highest loss, in value terms, of N6.97 to close at N167.02.

    The benchmark index at the NSE, the All Share Index (ASI), declined by 1.07 per cent from its opening index of 26,495.04 points to close at 26,212.09 points. Aggregate market value of all quoted equities also dropped from N9.116 trillion to close at N9.019 trillion.

    With the third consecutive decline, the average year-to-date return at the stock market so far this year built up to -2.47 per cent.

    Other top losers yesterday included Guinness Nigeria, which dropped by N4.15 to close at N78.90; Forte Oil, which lost N2.85 to close at N80.75; Stanbic IBTC Holdings, which dropped by 63 kobo to N15; Nigerian Aviation Handling Company, which lost 30 kobo to close at N2.86 and Dangote Flour Mills, which declined by 21 kobo to close at N4.04 per share.

    Sectoral analysis also showed the negative influence of the highly capitalised stocks on their sectors. The NSE Industrial Goods Index, where Dangote Cement is listed, recorded above-average decline of 1.8 per cent. The NSE Consumer Goods Index dropped by 0.29 per cent while the NSE Oil & Gas Index slipped by 0.14 per cent. On the upside, the NSE Banking Index rose by 1.7 per cent while the NSE Insurance Index appreciated by 0.7 per cent.

    There were 17 gainers against 16 losers. Beta Glass and CAP led the gainers with a gain of N1 each to close at N30 and N33 respectively. Guaranty Trust Bank followed with a gain of 57 kobo to close at N23.47. Access Bank rose by 29 kobo to N6.14. Oando rallied 24 kobo to close at N4.54. Cadbury Nigeria rose by 22 kobo to N10 while UACN Property Development Company chalked up 21 kobo to close at N3.09 per share.

    Total turnover stood at 137.69 million shares valued at N898.71 million in 2,488 deals. Fidelity Bank was the most active stock with a turnover of 25.06 million shares worth N20.98 million. Diamond Bank followed with 16.95 million shares worth N15.26 million while United Capital placed third with 11.04 million shares valued at N31.84 million.

  • Equities lose N42b as selloff continues

    Equities lose N42b as selloff continues

    The selloff at the Nigerian stock market continued for the second consecutive trading session yesterday as sustained profit-taking transactions shaved off N42 billion from market capitalisation of quoted companies.

    The All Share Index (ASI), the common value-based index that tracks prices at the Nigerian Stock Exchange (NSE), declined by 0.46 per cent from 26,616.89 points to close at 26,495.04 points. Aggregate market value of all quoted companies dropped from N9.158 trillion to close at N9.116 trillion, indicating a loss of N42 billion. The two-day decline pushed the average year-to-date return to -1.4 per cent.

    Sectoral indices generally indicated widespread selling sentiment. The NSE Banking Index dropped by 1.6 per cent. The NSE Industrial Goods Index declined by 1.0 per cent. The NSE Insurance Index dropped by 0.6 per cent. The NSE Oil & Gas Index lost 0.46 per cent while the NSE Consumer Goods Index closed flat.

    The downtrend was driven largely by losses recorded by highly capitalised companies in the banking, oil and gas and cement sectors. Guaranty Trust Bank, the most capitalised banking stock, led the 17-stock losers’ list with a loss of N1.10 to close at N22.90. Lafarge Africa followed with a loss of 95 kobo to close at N40. Forte Oil dropped by 62 kobo to close at N83.60. Ashaka Cement declined by 59 kobo to close at N11.43. Ecobank Transnational Incorporated lost 23 kobo to close at N9.54 while Cement Company of Northern Nigeria declined by 20 kobo to close at N4.55 per share.

    Investors traded 602 million shares valued at N1.20 billion in 2,150 deals. Unity Kapital was the most active stock, by turnover volume, with a cross deal for 435.96 million ordinary shares valued at N335.69 million. Omoluabi Savings and Loans placed second with 104 million shares worth N83.3 million while United Bank for Africa (UBA) staged a distant third with 9.23 million shares valued at N41.67 million.

    On the positive side, Flour Mills of Nigeria led 13 other stocks on the upside, rising by 49 kobo to close at N18.49. Zenith Bank followed with a gain of 15 kobo to close at N14.55. UACN Property Development Company added 13 kobo to close at N2.88. Vitafoam Nigeria rose by 12 kobo to close at N2.54 while Africa Prudential Registrar chalked up 9.0 kobo to close at N3 per share.

    Market analysts said the bearish sentiment underlined expected portfolio rebalancing by investment managers in line with earnings outlook for the current business year.

    “Given the bearish sentiment in the market and with little fundamental drivers to support performance, we expect the benchmark index to continue to post losses until bargain opportunities surface,” Afrinvest Securities stated.

  • Oil majors lead as equities rally N558b

    Oil majors lead as equities rally N558b

    Oil and gas stocks were the best-performing stocks at the Nigerian Stock Exchange (NSE) in December 2016 as last-month bargain-hunting and portfolio rebalancing saw Nigerian equities with a month-on-month net capital gain of N558 billion.

    With a loss of N1.34 trillion in November and most equities around their lowest prices, investors turned round to bargain-hunting in the last month of the year, setting off a sustained rally that helped to moderate the previous month’s loss and bring the full-year return to single-digit negative.

    Capital gains in the oil and gas sector were more than twice the average gain at the stock market during the period. The NSE Oil and Gas Index appreciated by 16.55 per cent in December as against the average return of 6.47 per cent recorded by the benchmark index, the All Share Index (ASI) of the NSE. The ASI, a value-based common index that tracks prices at the Exchange, rallied from its opening value of 25,241.63 points to close the month at 26,874.62 points. Aggregate market value of all quoted equities also rose from the month’s opening value of N8.689 trillion to close at N9.247 trillion, representing a month-on-month gain of N558 billion.

    Nearly all sectoral indices closed on the upside too, underlining the widespread buying sentiments that dominated trading during the month. The NSE Banking Index rose by 7.78 per cent. TheA NSE Industrial Goods Index appreciated by 5.22 per cent. The NSE Insurance Index returned 1.90 per cent during the month while the NSE 30 Index, which tracks the 30 most capitalised stocks, rose by 5.59 per cent. However, the NSE Consumer Goods Index declined by 1.14 per cent.

    Nigerian equities had lost a whooping N1.34 trillion in November as tough macroeconomic environment characterized by rising inflation, declining Gross Domestic Products (GDP) and improbable foreign exchange exacerbated major selloff of quoted shares.

    The loss of N1.34 trillion in November compounded the losing streak, with investor losing N701 billion in October. The benchmark index at the NSE had indicated average month-on-month decline of 13.49 per cent for November.

    Aggregate market value of all quoted equities closed November at N8.689 trillion as against the month’s opening value of N10.028 trillion. The ASI had dropped from the month’s opening index of 29,177.72 points to close November at 25,241.63 points.

    Notwithstanding the last-month rally in December, Nigerian equities ended 2016 with a net capital loss of N604 billion or average negative return of -6.17 per cent. The ASI closed 2016 at 26,874.62 points as against its opening index of 28,642.25 points for the year. Aggregate market value of all quoted equities also dropped from year’s opening value of N9.851 trillion to close at N9.247 trillion.

    Head, research and investment advisory, SCM Capital Markets, Mr. Sewa Wusu attributed the full-year decline in 2016 to the weak macroeconomic environment in 2016, which led to three consecutive declines in the Gross Domestic Products (GDP) and technically threw the country into recession.

    He noted that the global decline in crude oil price was a major deciding factor for the Nigerian economy during the year as the resultant foreign exchange shortage impacted negatively on the Naira and stirred unrests within the foreign portfolio investment circle.

    “Aside, the higher yields of the fixed income instruments, particularly treasury bills and Open Market Operation (OMO) auctions led to investment switch away from the stock market,” Wusu said.

  • Equities sustain rally with N32b gain

    Nigerian equities continued on the uptrend for the fourth consecutive trading session as fund managers continued to rebalance their portfolios for the year-end. Today is the last trading session for this year and the stock market will close by 12.30 pm, two hours earlier than the usual closing time for the market. Nobel Laureate, Professor Wole Soyinka will beat the closing gong to close the market for the 2016 business year, keeping to the Nigerian Stock Exchange (NSE)’s tradition of ceremonial closure for the market.

    With 24 gainers to 20 losers, aggregate market value of all quoted equities rose from N9.183 trillion to close at N9.215 trillion, representing a gain of N32 billion. The All Share Index (ASI), the common index that tracks prices at the Exchange, also rose from 26,688.25 points to close at 26,782.93 points.

    Oil and gas stocks remained atop on both sides of bargain-hunting and profit-taking. Total Nigeria led the gainers with a gain of N11.88 to close at N299. Seplat Petroleum Development Company followed with a gain of N9.49 to close at N379.99. Guaranty Trust Bank rose by N1.35 to close at N24.74. Okomu Oil Palm added 65 kobo to close at N40.17 while Ashaka Cement garnered 57 kobo to close at N12.02 per share.

    On the other hand, Forte Oil led the losers with a loss of N10.07 to close at N93.54. Mobil Oil Nigeria followed with a loss of N2 to close at N290. Stanbic IBTC Holdings declined by 66 kobo to close at N15. Access Bank lost 19 kobo to close at N5.78. Champion Breweries dropped by 12 kobo to close at N2.38 while Airlines and Services Logistics lost 12 kobo to close at N2.43.

    Total turnover was below average at 117.40 million shares valued at N877.63 million in 2,392 deals. FCMB Group was the most active with 12.77 million shares worth N13.9 million. Zenith Bank followed with 11.76 million shares valued at N174.15 million while FBN Holdings placed third with 11.6 million shares worth N40.31 million.

    Analysts at Afrinvest Securities noted that the uptrend has been largely dictated by end of year portfolio rebalancing by institutional investors.

    “We expect this bullish sentiment to persist in (today) tomorrow’s trading session as the market closes for the year,” Afrinvest Securities stated.

  • Dangote Cement, others lift equities to N22b gain

    Nigerian equities remained under a delicate balance of profit-taking and bargain-hunting yesterday at the Nigerian Stock Exchange (NSE) as investors simultaneously sought to lock in profits from the recent rallies by oil stocks while taking positions in leading manufacturing companies and banks.

    With 20 decliners to 19 advancers, a 1.16 per cent rise in the share price of Dangote Cement Plc helped the overall market situation to a positive close with a net capital gain of N22 billion. Dangote Cement, Nigeria’s most capitalised stock, rose by N1.84 to close at N160, offsetting significant losses recorded in major oil and gas companies. Dangote Cement accounts for nearly one-third of the total market capitalisation of all quoted companies at the stock market.

    Aggregate market value of all quoted companies on the Nigerian Stock Exchange (NSE) rose from its opening value of N8.834 trillion to close at N8.856 trillion. The All Share Index (ASI), the benchmark index that tracks share prices at the NSE, also rose by 0.25 per cent from 25,673.80 points to close at 25,739.18 points. The average year-to-date return, though still negative, improved to -10.14 per cent.

    Most sectoral indices closed on the upside. The NSE Industrial Goods Index rode on the back of gains by Dangote Cement to close with a day-on-day return of 0.7 per cent. The NSE Banking Index appreciated by 0.4 per cent while the NSE Insurance Index inched up by 0.3 per cent. However, the NSE Oil & Gas Index depreciated by 0.6 per cent while the NSE Consumer Goods Index declined by 0.5 per cent.

    Forte Oil led the rally with a gain of N8.95 to close at N96.37. UAC of Nigeria followed Dangote Cement with a gain of 40 kobo to close at N16.50. Zenith Bank rose by 25 kobo to close at N14.50 while Flour Mills of Nigeria added 19 kobo to close at N18.49 per share.

    Total turnover stood at 165.99 million shares valued at N1.27 billion in 2,485 deals. The most active stock was Diamond Bank with a turnover of 80.27 million shares valued at N64.29 million.

    “As market performance remains driven by bargain hunting, we expect some end of the week profit taking by investors in the trading session ahead,” Afrinvest Securities stated.

    On the negative side, Total Nigeria topped the losers list with a loss of N27.56 to close at N276.05. Mobil Oil Nigeria followed with a loss of N16.16 to close at N307.15. Unilever Nigeria declined by N2 to close at N46. International Breweries lost 95 kobo to close at N18.05 while Guinness Nigeria dropped by 84 kobo to close at N77.90 per share.

  • Equities lose N1.34tr in November

    Nigerian equities lost a whooping N1.34 trillion in November as tough macroeconomic environment characterized by rising inflation, declining Gross Domestic Products (GDP) and improbable foreign exchange exacerbated major selloff of quoted shares.

    The loss of N1.34 trillion in November compounded the losing streak, with investor losing N701 billion in October. The benchmark index at the Nigerian Stock Exchange (NSE) indicated average month-on-month decline of 13.49 per cent.

    Aggregate market value of all quoted equities closed November yesterday at N8.689 trillion as against the month’s opening value of N10.028 trillion. The All Share Index (ASI), the value-based index that tracks prices at the Exchange, dropped from the month’s opening index of 29,177.72 points to close the month at 25,241.63 points.

    Equities had lost N701 billion in October as share prices of quoted equities continued to fall in spite of the inflow of much expected third quarter earnings of companies. While many had hoped that the last quarter would see a stem of the negative tide that had ruled the market for the most part of this year, the fourth quarter has so far been dominated by negative sentiments.

    Several quoted companies have continued to hit their lowest prices in the past one year while a large segment of stocks have stagnated at nominal value, underlining the widespread downtrend at the stock market.

    Year-to-date analysis indicated that average investors might have lost 11.87 per cent of their investments in the first 11 months of this year, which aggregated to a total market loss of approximately N2.79 trillion. Aggregate market value of quoted companies opened 2016 at N11.478 trillion. The ASI opened the year at 34,657.15 points.

    The performance so far is hitting hard investors, who had been at the top-end of the global decline last year. Nigerian equities had ranked among the worst-performing stocks globally in 2014 with average full-year decline of 16.14 per cent. Aggregate market value of all quoted equities closed 2014 at N11.477 trillion as against its opening value of N13.226 trillion for the year, indicating a loss of N1.75 trillion during the year.

    Against the opening value for 2014, the current market value of all quoted equities represents a loss of N3.2 trillion over the 22-month period.

  • Equities lose N180b as downtrend worsens

    Nigerian equities recorded their major decline this month yesterday at the Nigerian Stock Exchange (NSE) as increasing open market sell orders overwhelmed the tenuous demand, thereby creating significant shares supply glut for several companies.

    With two decliners for every advancer and investors selling down on some of the largest companies at the stock market, the market value of quoted equities depreciated by N180 billion, equivalent to an average day-on-day loss of 1.95 per cent, within five hours of trading.

    The steep decline, the fifth in a row, pushed the negative average year-to-date return to -7.95 per cent, its highest level in recent weeks. Most indices at the NSE showed widespread selling pressure, from the industrial goods to banking, oil and gas and insurance sectors.

    Aggregate market value of all quoted equities on the NSE dropped from its opening value of N9.256 trillion to close at N9.076 trillion. The All Share Index (ASI), the value-based index that tracks prices at the stock market, declined from 26,887.54 points to close at 26,364.27 points.

    Most group and sectoral indices also closed in the red. The NSE Industrial Goods Index declined by 4.5 per cent. The NSE Oil & Gas Index dropped by 1.3 per cent. The NSE Banking Index slipped by 1.2 per cent while the NSE Insurance Index declined by 0.4 per cent. However, the NSE Consumer Goods Index appreciated by 0.52 per cent.

    Dangote Cement, the most capitalised stock at the stock market, led the 26-stock losers’ list with a loss of N8.42 to close at N164.01. Forte Oil followed with a loss of N5.98 to close at N113.72. Lafarge Africa declined by N2.74 to close at N52.14. Okomu Oil Palm dropped by N2.30 to close at N44.70. UAC of Nigeria lost 93 kobo to close at N17.67 while Flour Mills of Nigeria dropped by 70 kobo to close at N19 per share.

    Total turnover stood at 189 million shares valued at N1.60 billion in 3,434 deals. Chams Plc was the most active stock with a turnover of 40.1 million shares valued at N20.05 million. United Bank for Africa followed with 28.6 million shares worth N122.8 million. Transnational Corporation of Nigeria placed third with 18.05 million shares valued at N16.08 million.

    On the positive side, Guinness Nigeria led 12 other contrarian stocks with a gain of N2.50 to close at N88.50. Nigerian Breweries followed with a gain of N2 to close at N144. CAP gathered N1.62 to close at N34.02. GlaxoSmithKline Consumer Nigeria added 75 kobo to close at N15.75 while Eterna rose by 14 kobo.

    With most equities trading around their lowest prices, market pundits blamed the continuing sell pressure on the tough macroeconomic situation, noting that investors were being forced to sell down liquid assets to bridge financing gaps.

  • GTB rallies equities on strong Q3 results

    GTB rallies equities on strong Q3 results

    Guaranty Trust Bank (GTB) Plc led Nigerian equities to break their three-day consecutive negative trading sessions yesterday as investors responded excitedly to the third quarter results of the most capitalised bank in Nigeria.

    GTB’s share price recorded the highest percentage gain of 5.11 per cent to close at N24.49 per share at the Nigerian Stock Exchange (NSE), leading a rally that saw the market recovering from the depreciation that started on Monday. Benchmark indices at the NSE indicated average day-on-day gain of 0.44 per cent, equivalent to net capital gain of N41 billion.

    Aggregate market value of all quoted equities rose from its opening value of N9.438 trillion to close at N9.479 trillion. The All Share Index (ASI), the main value-based index that tracks prices at the stock market, also rose from 27,478.04 points to close at 27,598.34 points. Average year-to-date return meanwhile remained negative, though slightly better, at -3.64 per cent.

    Key extracts of the interim report and accounts of GTB for the nine-month period, which ended September 30, 2016, showed that gross earnings rose by 43.6 per cent to N329.28 billion by September 2016 as against N229.37 billion in comparable period of 2015. Operating income rose by 59.3 per cent from N174.42 billion to N277.85 billion. Profit before tax grew by 53 per cent to N140.84 billion as against N92.06 billion, while profit after rose by 59.6 per cent from N75.16 billion in September 2015 to N119.93 billion in September 2016. Earnings per share closed September 2016 at N4.24 as against N2.65 in September 2015.

    GTB was the most active stock with a turnover of 17.07 million shares valued at N426.53 million. Total turnover stood at 111.89 million shares valued at N4.01 billion in 2,699 deals.

    Other top gainers yesterday included Seplat Petroleum Development Company, which rose by N7 to close at N368; Guinness Nigeria, which added N1.09 to close at N80; Mobil Oil Nigeria, which gathered N1 to close at N187 and International Breweries, which rose by 95 kobo to close at N19.95.

    There were 16 gainers against 14 losers. Ecobank Transnational Incorporated declined by 40 kobo to close at N10.13. Dangote Sugar Refinery dropped by 14 kobo to close at N6.26. African Prudential Registrars and Nigerian Aviation Handling Company lost 13 kobo each to close at N2.56 and N2.92 while Custodian and Allied Insurance slipped by 9.0 kobo to close at N3.71 per share.