The Nation Newspaper

Tag: marginal gain

  • Equities in marginal gain as financial stocks rebound

    Nigerian equities traded almost on the balance yesterday at the Nigerian Stock Exchange (NSE) as bargain-hunting in financial services stocks counterbalanced continuing selloff in other sectors to sustain the positive overall market position with a marginal gain of N3 billion.

    With large-cap banking stocks dominating the gainers’ list, benchmark indices closed with a marginal day-on-day average gain of 0.02 per cent, equivalent to net capital gain of N3 billion. This nudged the average year-to-date return to 10.2 per cent.

    The All Share Index (ASI)-the value-based benchmark index that tracks share prices at the NSE, inched up from its opening index of 42,148.40 points to close at 42,158.32 points. Aggregate market value of all quoted equities also improved marginally from its opening value of N15.126 trillion to close at N15.129 trillion.

    With 30 losers against 21 gainers, the positive overall market position was boosted by gains recorded by large-cap banking stocks. The NSE Banking Index rallied by 1.1 per cent while the NSE Insurance Index inched up by 0.7 per cent. Other sectoral indices closed negative. The NSE Oil & Gas Index dropped by 1.2 per cent while the NSE Consumer Goods Index and NSE Industrial Goods Index declined by 0.9 per cent each.

    Guaranty Trust Bank-Nigeria’s second most capitalised quoted company led the gainers with a gain of 75 kobo to close at N48. Nascon Allied Industries and Flour Mills of Nigeria rose by 55 kobo each to close at N20.55 and N32.55 respectively. Zenith Bank appreciated by 45 kobo to close at N31.50. United Bank for Africa added 40 kobo to close at N12.60 while Dangote Flour Mills and FBN Holdings chalked up 30 kobo each to close at N16.30 and N11.15 respectively.

    On the negative side, Nestle Nigeria led the losers with a drop of N10 to close at N1,370. 11, formerly Mobil Oil Nigeria, followed with a drop of N9 to close at N190. Nigerian Breweries lost N3.50 to close at N124.50. Conoil declined by N3.40 to close at N32.10. Julius Berger Nigeria dipped by N1.35 to close at N25.95 while PZ Cussons Nigeria dropped by N1.15 to close at N23 per share.

    Total turnover stood at 570.26 million shares valued at N5.33 billion in 5,794 deals. Custodian Allied topped the activities chart with a turnover of 94.45 million shares valued at N377.82 million. FBN Holdings followed with 61.64 million shares valued at N683.26 million while Fidelity Bank placed third with a turnover of 55.93 million shares worth N169.24 million.

    “Despite the marginal gain today (Wednesday), the improvement in sentiment shows the market is gradually stabilising. Thus, we expect performance in subsequent trading sessions to remain positive,” Afrinvest Securities stated.

  • Equities open with marginal gain

    Nigerian equities reopened yesterday to profit-taking transactions but the gains by some highly capitalised stocks counterbalanced the selloffs and pushed the overall market position to a marginal gain of N13 billion. After six consecutive positive trading sessions, investors turned round to monetise capital gains and lock in profits yesterday.

    With 26 losers to 23 gainers, the positive overall market position was boosted by gains recorded by blue chips in fast moving consumer goods and industrial goods sectors. Benchmark indices at the Nigerian Stock Exchange (NSE) indicated average gain of 0.12 per cent or N13 billion. Average year-to-date return inched up to 23.91 per cent.

    Most sectoral indices closed negative yesterday, underlining the widespread selloffs that were orchestrated by the profit-taking sentiment. The NSE Insurance Index dropped by 0.6 per cent. The NSE Banking Index and NSE Oil & Gas Index declined by 0.5 per cent each. On the upside, the NSE Consumer Goods Index rose by 1.3 per cent while the NSE Industrial Goods Index inched up by 0.03 per cent.

    The positive overall market position was driven mainly by gains recorded by Nigerian Breweries, Forte Oil, Dangote Cement, Flour Mills of Nigeria, Unilever Nigeria, Seven-Up Bottling Company and Nestle Nigeria. Seven-Up Bottling Company led the gainers with a gain of N5.72 to close at N94.95. Forte Oil followed with a gain of N4.33 to close at N60.50. Unilever Nigeria rose by N3.38 to close at N36.38. Nigerian Breweries rallied N3.36 to close at N157.38. Flour Mills of Nigeria rose by N1.25 to close at N26.25. Nestle Nigeria garnered 95 kobo to close at N904. Okomu Oil Palm rose by 86 kobo to close at N60.38. Dangote Cement added 20 kobo to close at N209.20 while Champion Breweries chalked up 15 kobo to close at N2.65 per share.

    Turnover was above average with the exchange of 322.81 million shares valued at N2.73 billion in 3,830 deals. Niger Insurance was the most active stock with 150.05 million shares valued at N72.03 million. FBN Holdings followed with 35.97 million shares worth N213.76 million while FCMB Group placed third with 14.85 million shares valued at N17.95.

    On the downside, International Breweries led the losers with a loss of N1.46 to close at N30. PZ Cussons Nigeria dropped by 85 kobo to close at N20.65. Oando lost 72 kobo to close at N6.83. Nascon Allied Industries declined by 47 kobo to close at N9.03. Dangote Sugar Refinery dipped by 34 kobo to close at N8.66 while United Bank for Africa dropped by 20 kobo to close at N8.80 per share.

    “Whilst the decline in market breadth is suggestive of waning sentiment towards equities, we expect performance to remain bullish in the short to medium term as expectations of half-year 2017 corporate earnings – a major driver of performance at this time – remain positive,” Afrinvest Securities stated.

  • Equities open with N4b marginal gain

    After notching up N144 billion in net capital gain last week, Nigerian equities opened yesterday with a tinge of bearishness, although gains by a handful of highly capitalised stocks mitigated the widespread underlying negative sentiments.

    With nearly two decliners for every advancer, the market came under sell pressure but gains by large-cap companies such as Guaranty Trust Bank, Nestle Nigeria, Mobil Oil Nigeria and Ecobank Transnational Incorporated (ETI) propped up the market to a marginal gain of N4 billion or 0.07 per cent.

    Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) rose from its opening value of N8.878 trillion to close at N8.882 trillion. The All Share Index (ASI), the benchmark index for the stock market, also inched up by 0.07 per cent from 25,653.16 points to close at 25,671.55 points. Average year-to-date return thus moderated to -4.48 per cent.

    Most sectoral indices also closed on the upside, reflecting the domestic influence of the large-cap stocks that drove the overall market position. The NSE Oil & Gas Index rose by 0.95 per cent. The NSE Banking Index trailed by 0.9 per cent. The NSE Consumer Goods Index rose by 0.4 per cent while the NSE Insurance Index closed flat. However, the NSE Industrial Goods Index declined by 0.3 per cent.

    Nestle Nigeria, NSE’s highest-priced stock, led the 13-stock gainers’ list with a gain of N19.99 to close at N750. Mobil Oil Nigeria followed with a gain of N14 to close at N294. Guaranty Trust Bank, the most capitalised banking stock and third most capitalised quoted company, rose by 85 kobo to N27.15 while Ecobank Transnational Incorporated and Nigerian Aviation Handling Company chalked up 10 kobo each to close at N9.80 and N2.10 respectively.

    Most equities however ended on the negative side as investors launched a mix of profit-taking and portfolio review in anticipation of the largest stream of corporate earnings within the next seven days. Guinness Nigeria led the 22-stock losers’ list with a loss of N3.32 to close at N63.18. Julius Berger Nigeria followed with a loss of N1.95 to close at N38. Dangote Cement declined by N1 to close at N165. UAC of Nigeria lost 49 kobo to close at N13.51 while Cadbury Nigeria dropped by 21 kobo to close at N7.80 per share.

    Total turnover stood at 495.23 million shares worth N2.55 billion in 2,587 deals. Custodian and Allied was the most active stock with 176.41 million shares worth N541.59 million. FBN Holdings followed with 150.35 million shares valued at N470.69 million while United Bank for Africa placed third with 25.1 million shares worth N137.5 million.

    “Market performance remains driven by speculation as investors cherry pick value stocks with attractive entry prices. However, a weaker market breadth suggests that investors may take profit in subsequent trading sessions,” Afrinvest Securities stated.

  • High-cap stocks start equities on marginal gain

    Nigerian equities reopened yesterday with a modest gain of N6 billion as gains by highly capitalised stocks overshadowed widespread losses induced by profit-taking transactions. The two main indices at the Nigerian Stock Exchange (NSE) average day-on-day gain of 0.06 per cent, in a modest recovery sustained by highly capitalised stocks in the industrial goods, banking and oil and gas sectors.

    Aggregate market value of all quoted equities on the NSE rose from N9.703 trillion to close at N9.709 trillion. The All Share Index (ASI), the main index that tracks prices at the Exchange, also inched up from 28,247.07 points to close at 28,263.16 points.

    With 23 losers to 16 gainers, the modest gain was driven by gains recorded by some highly capitalised stocks. Group and sectoral indices showed mixed performances. The NSE Consumer Goods Index appreciated by 0.4 per cent. The NSE Insurance Index inched up by 0.2 per cent. On the flipside, the NSE Banking Index declined by 0.3 per cent.

    Total Nigeria led the gainers with a gain of N4.25 to close at N299.25. Nigerian Breweries rose by N1.48 to close at N145. Flour Mills of Nigeria gathered N1 to close at N21.04. Cadbury Nigeria added 78 kobo to close at N16.53. Dangote Cement rose by 47 kobo to close at N182.50.

    Ecobank Transnational Incorporated rose by 14 kobo to close at N11.50. Dangote Flour Mills inched up 13 kobo to close at N3.86 while FBN Holdings and Champions Breweries added 10 kobo each to close at N3.20 and N2.60 respectively.

    Total turnover stood at 249.76 million shares valued at N1.96 billion in 3,170 deals. The most active stock was Fidelity Bank with 52.01 million shares valued at N46.81 million. Diamond Bank followed with 28.33 million shares worth N34 million while Access Bank placed third with 28.23 million shares worth N156.71 million.

    On the negative side, Seven-Up Bottling Company recorded the highest loss of N5.45 to close at N144.55. Conoil followed with a loss of N3.50 to close at N39. Beta Glass declined by N3.39 to close at N31.51. Forte Oil dropped by N2.11 to close at N161 while Oando lost 29 kobo to close at N5.59 per share.

    “Market performance has remained dictated by short term momentum trading in the absence of noteworthy sentiment drivers. Hence, we expect sentiment to remain broadly soft for the week as profit-taking may persist in subsequent sessions,” analysts at Afrinvest Securities stated.