NSE All-Share Index Gains 1.2% As Equities Market Extends Bullish Run

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The Nigerian equities market extended its bullish run for the fourth consecutive day this week as investors’ positive sentiments continued. As a result, the Nigerian Stock Exchange (NSE) All-Share Index (NSE ASI) appreciated by 1.17 per cent to close higher at 39,534.14. Similarly, market capitalisation added N159.8 billion to close at N13.77 trillion.

The positive performance thursday could be linked to gains recorded by Nigerian Breweries Plc, Nestle Nigeria Plc, Zenith Bank Plc, Ecobank Transnational Incorporated and FBN Holdings Plc.

However, Union Bank of Nigeria Plc led the price gainers with 10.1 per cent trailed BY Fidelity Bank Plc with 7.5 per cent, while NAHCO Plc chalked up 7.2 per cent. Okomu Oil Palm Plc and FBN Holdings Plc garnered 7.1 per cent and 6.1 per cent respectively.

Conversely, Total Nigeria Plc led the price losers with 5.0 per cent, trailed by AXA Mansard Insurance Plc with 4.6 per cent. NEM Insurance Plc shed 4.6 per cent, while Livestock Feeds Plc closed 4.1 per cent lower.

According to analysts at FSDH Research, the bullish momentum was sustained and largely driven by high demand for banking, consumer goods and insurance stocks

“There was profit taking on a number of stocks as expected, leaving of Dangote Flour, Transcorp, Diamond, FCMB and Stanbic IBTC closing on offer. Bargain hunting continued and was sustained in FBNH, Zenith, Fidelity Bank, ETI and Okomu and leaving Sterling Bank, UBN, Aiico and Continental Insurance and they all closed on bid,” they said.

The analysts noted that although profit taking is expected to continue in the coming sessions, the market will remain positive and active as we approach year-end.

A further analysis of the trading activities shows that three sectors closed in the negative while two appreciated. The two gainers were the NSE Consumer Goods Index and the NSE Banking Index that appreciated by 2.7 per cent and 1.8 per cent respectively as a result of sustained buying interest in Nigerian Breweries Plc (+2.2%), Nestle (+6.0 per cent) Zenith Bank (+5.6 per cent) and Access Bank (+3.3 per cent).

On the other hand, the NSE Industrial Goods Index shed 0.8 per cent following profit taking in Dangote Cement (-0.4 per cent). In a similar vein, the NSE Insurance Index fell 0.5 per cent following losses in AXA Mansard (-4.7 per cent) and NEM Insurance (-4.6 per cent) while the NSE Oil & Gas Index shed 0.4 per cent as a result of to selloffs in Total Nigeria (-5.0 per cent).

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