The Nation Newspaper

Tag: equities

  • Equities lose N78b as holders offload stocks

    Quoted companies on the Nigerian Stock Exchange (NSE) reopened yesterday to disproportionately high sell orders, which unsettled the pricing trend and shaved off N78 billion from the market values of quoted companies.

    With more than three losers for every gainer, all key indices at the stock market showed a down market as investors sought to rebalance their portfolios. Trading pattern showed a shift towards low-priced penny stocks.

    Aggregate market value of all quoted equities on the NSE closed the first trading session of the week at N9.492 trillion, down by N78 billion from its opening value of N9.570 trillion. The benchmark index at the NSE, the All Share Index (ASI), declined by 0.81 per cent to close at 27,634.99 points as against its opening index of 27,861.03 points. The large decline yesterday pushed the negative average year-to-date return to -3.52 per cent.

    Most sectoral indices showed widespread sell-off across the sectors. The NSE Oil & Gas index declined by 2.08 per cent. The NSE Consumer Goods Index dropped by 1.6 per cent. The NSE Banking Index depreciated by 0.9 per cent while the NSE Industrial Goods Index slipped by 0.1 per cent. However, the NSE Insurance Index inched up by 0.1 per cent.

    Forte Oil led the 24-stock losers’ list with a loss of N7.25 to close at N137.87. Seplat Petroleum Development Company followed with a loss of N5.88 to close at N380. Nigerian Breweries dropped by N4.65 to close at N144.05. GlaxoSmithKline Consumer Nigeria lost 91 kobo to close at N17.48 while Cadbury Nigeria dropped by 78 kobo to close at N14.89 per share.

    On the other hand, there were only seven gainers. Africa Prudential Registrars and Wema Bank led with a marginal gain of 4.0 kobo each to close at N2.72 and 66 kobo respectively. FCMB Group followed with a gain of 3.0 kobo to close at N1.14. Wapic Insurance added 2.0 kobo to close at 52 kobo while Fidson Healthcare, Skye Bank and Nascon Allied Industries inched up by 1.0 kobo each to close at N1.59, 63 kobo and N8.01 respectively.

    Total turnover stood at 255.80 million shares valued at N778.44 million in 2,588 deals. Penny stocks dominated the top activities chart. The three most active stocks were Law Union and Rock, with 100 million shares; Transnational Corporation of Nigeria, 49.56 million shares and Costain, with 32.06 million shares.

    “We believe performance will be influenced this week by investors’ anticipation of more third quarter 2016 earnings yet to be submitted. With the tepid level of activity amidst weaker sentiment, we expect investors’ interest in equities to remain lacklustre in subsequent sessions,” analysts at Afrinvest Securities stated.

     

  • Equities in marginal loss as profit-taking resurfaces

    Equities in marginal loss as profit-taking resurfaces

    Nigerian equities snapped a two-day rally yesterday as investors turned round to take profits on stocks that had led the recent rally. Underlying market sentiments remained largely negative at the Nigerian Stock Exchange (NSE) with nearly two losers for every gainer.

    Aggregate market value of all quoted equities on the NSE dropped marginally from its opening value of N9.629 trillion to close at N9.627 trillion, representing net capital loss of N2 billion. The All Share Index (ASI), the value-based benchmark index for the stock market, also declined marginally by 0.03 per cent to close at 28,027.23 points as against its opening index of 28,034.32 points.

    Group and sectoral indices showed mixed performance across the sectors. The NSE Industrial Goods Index declined by 0.9 per cent. The NSE Consumer Goods Index lost 0.6 per cent. However, the NSE Oil & Gas Index rose by 1.5 per cent. The NSE Banking Index appreciated by 0.7 per cent while the NSE Insurance Index inched up by 0.2 per cent.

    With 20 losers to 13 gainers, the market performance was driven by the preponderance of losers to gainers as well as losses suffered by highly capitalised stocks, especially in the industrial goods and fast moving consumer goods sectors.

    Nestle Nigeria, the highest-priced stock at the stock market, led the losers with a loss of N19.43 to close at N805.57. Lafarge Africa followed with a loss of N1.28 to close at N46.81. Presco dropped by N1.25 to close at N40.25. Flour Mills of Nigeria declined by 65 kobo to close at N20.05. UACN Property Development Company lost 37 kobo to close at N3.58. E-Tranzact dipped by 28 kobo to N5.41 while Dangote Sugar Refinery lost 18 kobo to close at N6.32 per share.

    The market also showed a slowdown in the momentum of activities. Turnover fell below average with the exchange of 155.58 million shares valued at N1.43 billion in 3,277 deals. Guaranty Trust Bank was the most active stock with a turnover of 28.09 million shares valued at N672.8 million. United Bank for Africa followed with a turnover of 28.04 million shares valued at N119.8 million while Transnational Corporation of Nigeria (Transcorp) placed third with a turnover of 14.75 million shares worth N14.98 million.

    On the positive side, Seplat Petroleum Development Company led the gainers with a gain of N18.37 to close at N385.88. Guinness Nigeria followed with a gain of N3.74 to close at N79.74. Total Nigeria rose by N2.50 to close at N289.50. Guaranty Trust Bank added 15 kobo to close at N24 while United Bank for Africa chalked up 13 kobo to close at N4.31 per share.

    “We expect the market to remain soft, as shown by persistent weak breadth and trading volumes, for the remainder of the week in the absence of more earnings releases,” analysts at Afrinvest Securities stated in post-trading review.

  • Dangote Cement drags equities to N17b loss

    Dangote Cement drags equities to N17b loss

    The Nigerian stock market suffered a relapse yesterday as the decline in share price of the highly influential Dangote Cement Plc dragged the equities market to a net capital loss of N17 billion.

    While the overall pricing trend remained tight amidst continuing rally in the oil and gas sector, losses recorded by Dangote Cement overwhelmed the modest positive pricing trend that had shaped the market in the previous two trading days.

    Aggregate market value of all quoted companies on the Nigerian Stock Exchange (NSE) dropped from its opening value of N9.692 trillion to close at N9.675 trillion. The All Share Index (ASI), the common value-based index that tracks prices of quoted equities, declined by 0.17 per cent from 28,214.57 points to close at 28,166.42 points. Average year-to-date return now stands at -1.66 per cent.

    Dangote Cement, Nigeria’s most capitalised quoted company, controls nearly one-third of total market capitalisation of the Nigerian equities’ market. Dangote Cement’s share price dropped by N3 or 1.64 per cent to close yesterday at N180, orchestrating a general negative market position. Guaranty Trust Bank, Nigeria’s most capitalised banking stock, followed Dangote Cement with a loss of 94 kobo to close at N25.83. Guinness Nigeria followed with a loss of 23 kobo to close at N92.77. Nigerian Aviation Handling Company declined by 16 kobo to close at N3.32 while Ecobank Transnational Incorporated dropped by 12 kobo to close at N11.38 per share.

    Total turnover stood at 410.10 million shares valued at N3.62 billion in 4,179 deals. Banking stocks dominated top activities’ chart. The three most active stocks included Diamond Bank, with 141.36 million shares; FCMB Group, 48.10 million shares and FBN Holdings, with 40.76 million shares.

    On the positive side, downstream oil majors continued to lead the gainers. Total Nigeria led the 18-stock gainers’ list with a gain of N13.50 to close at N283.50. Mobil Oil Nigeria followed with a gain of N8.55 to close at N179.55. Forte Oil rose by N7.76 to close at N163.11. Nigerian Breweries gathered N1.46 to close at N143.50 while PZ Cussons Nigeria rose by 94 kobo to close at N19.90 per share.

    “Whilst a tight monetary policy environment prevails, we perceive frail sentiment towards equities may persist as investors continue to take advantage of higher yields in the fixed income market,” analysts at Afrinvest Securities stated.

     

  • Nigerian banks lead in equities’ N372b loss

    Nigerian banks lead in equities’ N372b loss

    Banking stocks suffered the most among 25 top losers in the equities’ market as share price decline left investors with a net capital loss of N372 billion.

    There were 10 banking stocks among the top 25 that lost 30 per cent and above in the past eight months. Some of the top losers recorded as much as 60.1 per cent in equities price reduction.

    Conversely, only one banking stock made the few top gainers’ within the period. Altogether, there are 15 banking stocks quoted on the Nigerian stock market.

    Three other banking stocks recorded various gains, while a bank dropped by 12.3 per cent.

    The Nation’s market intelligence at the weekend indicated that investors in banking stocks have suffered the highest losses with nearly three-quarters of quoted banking stocks running with double-digit losses. Losses in the banking sector generally significantly outweighed the overall market’s average loss, according to data review by The Nation.

    The benchmark indices for the Nigerian stock market indicated eight-month average decline of 3.64 per cent, equivalent to a loss of N372 billion. The aggregate market value of all quoted companies on the Nigerian Stock Exchange (NSE) closed August at N9.479 trillion as against its year’s opening value of N9.851 trillion. The All Share Index (ASI), which tracks prices at the Exchange, dropped to 27,599.03 points by the month-end as against its year’s opening index of 28,642.25 points.

    Banking stocks were deep in the red with the troubled Skye Bank leading the top 25 losers with year-to-date loss of 60.13 per cent. The Central Bank of Nigeria (CBN) had sacked the board and management of Skye Bank over corporate governance issues. Diamond Bank followed with a loss of 54.35 per cent. Other top losers in the banking sector included Ecobank Transnational Incorporate, -31.3 per cent; Fidelity Bank, -40.67 per cent; Sterling Bank, -49.18 per cent; Union Bank of Nigeria, -39.13 per cent; Unity Bank, -30.36 per cent; Wema Bank, -34.0 per cent; FBN Holdings, -40.53 per cent and FCMB Group, which market value had dropped by 39.64 per cent. Stanbic IBTC Holdings meanwhile, dropped by 12.3 per cent within the period.

    While consolidation, steep price declines and emergence of highly capitalised non-bank stocks such as Dangote Cement had reduced the hitherto overwhelming dominance of the market by banking stocks, banking stocks still account for some 25 per cent of the total market value of the Nigerian equities market.

    Head, financial advisory group, GTI Capital Group, Mr. Kehinde Hassan, said the negative performance of the banking sector was weighing heavily on the overall market performance.

    He noted that the unstable policy environment and the knee-jerk approach of the Central Bank of Nigeria (CBN) to regulatory decisions have compounded the tough operating environment for banks, many of which had warned of lower earnings due to the headwinds.

    Only Guaranty Trust Bank (GTB) ranked within the top gainers’ list with 8-month gain of 45.76 per cent. United Bank for Africa (UBA) meanwhile, posted a heartwarming return of 28.7 per cent. Access Bank followed with 14 per cent, while Zenith Bank, against all expectations, trailed with a modest gain of 6.05 per cent.

    Other top losers for the period included Livestock Feeds, -33.1 per cent; UACN Property Development Company, -42.5 per cent; Honeywell Flour Mills, -35.12 per cent; Vitafoam Nigeria, -43.99 per cent; AIICO, -30.77 per cent; Union Homes and Savings, -39.24; Fidson Healthcare, -32 per cent; GlaxoSmithKline Consumer Nigeria, -45.88 per cent; Berger Paints, -31.1 per cent; Cement Company of Northern Nigeria, -35.8 per cent; Lafarge Africa, -40.1 per cent; Portland Paints and Products Nigeria, -53.2 per cent; Forte Oil, -47 per cent; Tourist Company of Nigeria, -43.1 per cent and Caverton Offshore Support Group, which lost 40.9 per cent.

    Nigerian equities have writhed under sustained losses in the past 32 months. Aggregate market value of all quoted equities on the NSE closed 2015 at N9.851 trillion as against its opening value of N11.478 trillion for the year, representing a loss of N1.627 trillion. The ASI indicated a negative full-year average return of -17.36 per cent. The ASI closed 2015 at 28,642.25 points as against its opening index of 34,657.15 points.

    The losses in 2015 worsened the downtrend that had in 2014 marked out Nigerian equities among the worst-performing stocks globally with average full-year decline of 16.14 per cent. Aggregate market value of all quoted equities had closed 2014 at N11.478 trillion as against its opening value of N13.226 trillion for the year, indicating a loss of N1.75 trillion during the year.

    Altogether, investors have lost more than N3.75 trillion in the past 32 months as the stock market groaned under political tension, steep decline in crude oil prices, foreign exchange crisis, uncertain policies and other domestic and global macroeconomic concerns.

    The second half of 2016 has however seen considerable share price recovery compared with the steep losses in the first half. In the first quarter alone, Nigerian equities had recorded a net loss of N1.15 trillion.

    Notwithstanding the negative overall market situation, many stocks have posted substantial returns so far this year. Dangote Flour Mills, which saw the reemergence of Aliko Dangote’s Dangote Industries Limited as the core investor, recorded the highest gain of 240.7 per cent. E-Tranzact followed with a gain of 97.4 per cent. United Capital returned 74.8 per cent while Total Nigeria posted eight-month return of 63.3 per cent. Other top gainers included Presco, 37.2 per cent; AG Leventis, 43.6 per cent; Union Dicon Salt, 39.3 per cent; Neimeth International Pharmaceutical, 32.6 per cent; DN Meyer, 30 per cent; Seplat Petroleum Development Company, 49.4 per cent; Eterna, 33.7 per cent and RAK Unity, a second-tier stock that posted a year-to-date return of 61.3 per cent.

  • Equities open with N56b gain

    Nigerian equities sustained their uptrend yesterday as the stock market reopened with stronger investors’ appetite. After rallying N138 billion gain last week, equities opened this week with a gain of N56 billion.

    With nearly two gainers against every loser, aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) rose from N9.496 trillion to close at N9.552 trillion. The All Share Index (ASI), the benchmark index for the stock market, appreciated by 0.58 per cent to close at 27,812.06 points as against its opening index of 27,650.32 points.

    The appreciation recorded in the share prices of UBA, Seplat, Access Bank, GT Bank and Nigerian Breweries were mainly responsible for the gain recorded in the NSE ASI. Year-to-Date, the ASI depreciated by 2.90 per cent.

    The total value of stocks traded on the floors of The NSE today was N2.83bn, up by 2.09 per cent from N2.77bn recorded last Friday. The total volume of stocks traded was 216.17mn in 3,316 deals.

  • Equities rebound with N22b gain

    After five consecutive negative trading sessions, Nigerian equities broke away from the losing streak as highly capitalised stocks rallied the stock market to a net capital gain of N22 billion. The benchmark index at the Nigerian Stock Exchange (NSE) inched up by 0.23 per cent, underlining the gains made by large-cap stocks in the oil and gas and consumer goods sectors.

    Aggregate market value of all quoted equities rose to N9.531 trillion from its opening value of N9.509 trillion. The All Share Index (ASI), the benchmark index for the Nigerian stock market, also rose simultaneously from 27,687.80 points to close at 27,751.34 points.

    With 17 losers to 14 gainers, the positive overall market position was driven largely by the gains recorded by large-cap downstream oil companies, breweries and cement companies. These reflected on the performance of the sectoral indices. The NSE Oil & Gas Index rose by 1.4 per cent. The NSE Consumer Goods Index rallied 0.8 per cent while the NSE Industrial Goods Index appreciated by 0.4 per cent. However, the NSE Banking Index declined by 0.6 per cent while the NSE Insurance Index depreciated by 0.4 per cent.

    The average year-to-date return improved marginally, though still negative, to -3.11 per cent.

    Total Nigeria led the rebound with a gain of N16.60 to close at N222.60. Mobil Oil Nigeria followed with a gain of N8.10 to close at N170.10. Nigerian Breweries chalked up N2.45 to close at N135. Guinness Nigeria gathered N1.01 to close at N95 while Lafarge Africa added 60 kobo to close at N51.60 per share.

    Total turnover stood below recent average with the exchange of 155.77 million shares valued at N1.53 billion in 3,320 deals. Banking stocks dominated the activities chart. FBN Holdings led the chart with a turnover of 30.75 million shares worth N101.85 million. Fidelity Bank followed with a turnover of 23.12 million shares worth N24.47 million while Guaranty Trust Bank placed third with a turnover of 14.15 million shares valued at N340.59 million.

    On the negative side, International Breweries led the losers with a loss of 96 kobo to close at N18.38. Flour Mills of Nigeria dropped by 43 kobo to close at N20. Forte Oil lost 40 kobo to close at N166.82. Guaranty Trust Bank and Union Bank of Nigeria declined by 18 kobo each to close at N23.88 and N4 respectively while Zenith Bank lost 10 kobo to close at N16.35 per share.

  • Equities in tight trade as investors weigh outlook

    Quoted equities narrowed down the losing streak at the stock market as investors weighed half-year earnings against the prospective performance and return in the second half. After losing N57 billion on Monday, equities narrowed losses to N4 billion on Tuesday as highly capitalised stocks rallied on the back of bargain-hunting.

    Aggregate market value of all quoted equities at the Nigerian Stock Exchange (NSE) dropped from N9.563 trillion to close at N9.559 trillion. The All Share Index (ASI), the main index that tracks prices at the Exchange, declined from 27,843.00 points to close at 27,831.95 points.

    With 26 decliners to 17 advancers, the average year-to-date return at the stock market worsened to -2.83 per cent. Sectoral indices showed widespread losses across the sectors. The NSE Oil & Gas Index declined by 1.9 per cent. The Insurance Index lost 1.3 per cent. The NSE Industrial Goods Index dropped by 1.0 per cent. The NSE Consumer Goods Index declined by 0.9 per cent while the NSE Banking Index slipped by 0.1 per cent.

    Nestle Nigeria led the losers with a loss of N21.30 to close at N816.20. Seplat Petroleum Development Company followed with a loss of N14.89 to close at N282.94. Forte Oil lost N7.80 to close at N167. Lafarge Africa declined by N2.79 to close at N53.07 while Nigerian Breweries dropped by 87 kobo to close at N133.13 per share.

    On the other hand, Dangote Cement led the gainers with a gain of N3 to close at N183. Guinness Nigeria rose by N1 to close at N94. PZ Cussons Nigeria added 85 kobo to close at N18.45. Oando rose by 51 kobo to close at N5.58 while Cadbury Nigeria gathered 34 kobo to close at N13.90 per share.

    Total turnover stood at 275.74 million shares valued at N3.15 billion in 4,126 deals. The three most active stocks were Zenith Bank with 46.79 million shares valued at N788.23 million; Transnational Corporation of Nigeria recorded 37.29 million shares worth N43.05 million while Fidelity Bank placed third with 26.18 million shares valued at N28.65 million.

    “With no major trigger to stoke investor confidence in the interim, we believe that downtrend in the market will likely continue. Nevertheless, we do not rule out the prospect of some bargain hunting in the trading days ahead,” Afrinvest Securities stated.

  • Equities in free fall amidst mixed earnings

    There were nearly six losers for every gainer at the Nigerian stock market on Thursday as investors remained cautious and reluctant about the earnings outlooks of quoted companies. The benchmark index at the Nigerian Stock Exchange (NSE), the All Share Index (ASI), dropped to a new low while market value of all quoted companies depreciated by N77 billion.

    The ASI declined by 0.79 per cent from 28,221.18 points to close at 27,997.29 points, depressing the average year-to-date return to -2.25 per cent. Aggregate market value of all quoted equities declined from N9.693 trillion to close at N9.693 trillion.

    All sectoral indices at the stock market closed in the red, underlining the widespread downtrend that saw 34 losers against six gainers. The NSE Banking Index dropped by 2.6 per cent. The NSE Oil & Gas Index declined by 1.0 per cent. The NSE Insurance Index slipped by 0.3 per cent. The NSE Consumer Goods Index lost 0.2 per cent while the NSE Industrial Goods Index slipped by 0.01 per cent.

    Nestle Nigeria, Nigeria’s highest-priced stock, led the losers with a loss of N15 to close at N835. Cadbury Nigeria followed with a loss of 89 kobo to close at N15.20. Guinness Nigeria dropped by 84 kobo to close at N95.95. Stanbic IBTC Holdings lost 71 kobo to close at N13.49 while Guaranty Trust Bank declined by 70 kobo to close at N21 per share.

    “We expect market performance to remain weak in the interim amid influx of poor second quarter 2016 earnings numbers,” Afrinvest Securities stated.

    Total turnover stood at 227.13 million shares valued at N1.80 billion in 3,426 deals. Skye Bank was the most active stock with 54 million shares valued at N45.89 million. United Bank for Africa followed with a turnover of 41.33 million shares worth N182 million while Zenith Bank recorded a turnover of 21.66 million shares valued at N332.55 million.

    On the other hand, Nigerian Breweries led the gainers with a gain of N1.90 to close at N137. CAP followed with a gain of N1 to close at N36. Tiger Branded Consumer Goods rose by 8.0 kobo to N3.93. Skye Bank added 7.0 kobo to close at 85 kobo. Wema Bank rose by 5.0 kobo to close at 78 kobo while AG Leventis inched up by 4.0 kobo to close at 97 kobo per share.

  • Equities relapse with N74b loss as investors shuffle holdings

    The Nigerian stock market slipped back to the negative yesterday as month-end portfolio rebalancing weighed heavily on the market, leaving most stocks at lower prices. Nigerian equities had on Wednesday recovered slightly from a three-day losing streak triggered by last weekend’s decision by United Kingdom (UK) to withdraw from the European Union (EU).

    Against the average gain of 0.80 per cent recorded on Wednesday, equities relapsed to the negative on Thursday with average loss of 0.72 per  cent. The downtrend yesterday was orchestrated by month-end portfolio review by investors.

    Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) dropped by N74 billion from N10.239 trillion to close at N10.165 trillion. The All Share Index (ASI), the main index for the Nigerian stock market, also declined from 29,812.9 points to close at 29,597.79 points.

    The six-month average year-to-date return for Nigerian equities pared down to 3.34 per cent, underlining the edgy nature of the recovery that had seen much fluctuation in recent period.

    Several highly capitalised stocks headlined the losses yesterday with widespread selling sentiments pushing nearly all sectoral and group indices into the red. The NSE Oil & Gas Index declined by 0.9 per cent. The NSE Banking Index dropped by 0.8 per cent. The NSE Industrial Goods Index declined by 0.6 per cent while the NSE Consumer Goods Index depreciated by 0.5 per cent. On the positive side, the NSE Insurance Index appreciated by 0.7 per cent.

    Seplat Petroleum Development Company led the 24-stock losers’ list with a loss of N10 to close at N330. Forte Oil followed with a loss of N3.69 to close at N190.34. Nigerian Breweries dropped by N2.01 to close at N138. Dangote Cement lost N2 to close at N192. Ecobank Transnational Incorporated dropped by 51 kobo to close at N16 while Zenith Bank declined by 23 kobo to close at N15.77 per share.

    “We expect sentiment may stay soft tomorrow as initial excitement about foreign exchange (forex) reforms wanes. However, we do not rule out marginal uptrend as portfolio investors rebalance their positions for second half of 2016,” Afrinvest Securities, which trades on the NSE, stated.

    Total turnover stood at 342.60 million shares valued at N4.65 billion in 4,078 deals. The most active stock is Guaranty Trust Bank with a turnover of 66.34 million shares worth N1.53 billion. Ecobank Transnational Incorporated followed with 41.66 million shares worth N666.58 million while AIICO placed third with 36.2 million shares worth N25.14 million.

  • Equities rally to 8-month high with N242b gain

    The upswing at the Nigerian stock market continued yesterday with a stronger momentum as increased demand for quoted equities drove the stock market to its highest point in eight months. Investors added N242 billion in capital gains, equivalent to average day-on-day gain of 2.4 per cent, while the average year-to-date return improved to 5.19 per cent.

    With the rally yesterday, quoted equities have recorded net capital gains of more than N1 trillion in the past six trading sessions since the release of the framework for the new flexible foreign exchange (forex) policy of the Central Bank of Nigeria (CBN). Nearly all analysts agreed that the uptrend was induced the new forex policy, in a market where foreign investors control some half of transactions.

    The CBN had last week’s Wednesday released the framework and on Monday started the implementation of its new forex policy that leaves Naira mainly to market forces. In a dexterous move, the apex bank simultaneously launched a one-off intervention to clear the backlog of forex demand on Monday, leaving the forex market on a plain level field.

    “Investors’ sentiment remained stoked by the increasing expectation of an influx of foreign portfolio investors (FPIs) into the market,” Afrinvest Securities, which trades on the Nigerian Stock Exchange (NSE), stated after trading yesterday.

    With two gainers to every loser, increased open buy market orders virtually turned the equities market into a seller’s market, thus allowing divesting investors to close their deals at higher prices. The cumulative effect lifted the benchmark index across the 30,000 index points.

    Aggregate market value of all quoted equities at the NSE rose from N10.105 trillion to close at N10.347 trillion, representing a gain of N242 billion. The All Share Index (ASI), the benchmark index for the equities market, also rallied by 2.40 per cent from 29,422.71 points to cross over to 30,127.82 points, its highest point since October

    Turnover also improved considerably as investors increased stakes by 16.8 per cent to N7.93 billion for 541.86 million shares in 5,727 deals. Leading banks were atop the activities chart. Guaranty Trust Bank, the most capitalised banking stock, was the most active stock with a turnover of 96.35 million shares valued at N2.23 billion.

    Nestle Nigeria led the 31-stock gainers’ list with a gain of N16 to close at N832. Dangote Cement followed with a gain of N9.25 to close at N194.25. Guinness Nigeria rose by N2.45 to close at N106.45. Seven-Up Bottling Company rallied N2 to close at N140 while GlaxoSmithKline Consumer Nigeria rose by N1.68 to close at N18.21 per share.