NSE: Equities start 2018 bullish with N8bn gain

After netting N4.36 trillion in 2017, Nigerian equities reopened on Tuesday for the 2018 trading session on a positive note with more than two advancers for every decliner.
Benchmark indices at the Nigerian Stock Exchange (NSE) showed widespread positive sentiment, especially within the low-priced stocks. At the end of the first trading session, average day-on-day return stood at 0.06 per cent, equivalent to net capital gain of N8 billion.
The All Share Index (ASI) – the common value-based index that tracks share prices at the Exchange, rose from the opening index of 38,243.19 points to close at 38,264.79 points, representing a gain of 0.06 per cent.
Aggregate market value of all quoted equities also increased from the opening value of N13.609 trillion to close at N13.617 trillion, representing a gain of N8 billion. With the ASI and market value trending on the same line, the average year-to-date return now stands at 0.06 per cent or N8 billion.
Sectoral analysis showed widespread bargain-hunting across the sectors. The NSE Insurance Index recorded the highest gain of 0.9 per cent. The NSE Consumer Goods Index followed with a gain of 0.3 per cent, while the NSE Industrial Goods Index rose by 0.2 per cent. 
However, the NSE Oil & Gas Index declined by 0.4 per cent while the NSE Banking Index dipped by 0.04 per cent.
There were 27 advancers against 13 decliners. CAP led the advancers with a gain of N1.70 to close at N35.70 per share. Nascon Allied Industries followed with a gain of 72 kobo to close at N19.22. PZ Industries rose by 55 kobo to close at N21.15 per share. International Breweries gathered 49 kobo to close at N54.99, while Dangote Sugar Refinery rose by 30 kobo to close at N20.36 per share.
On the downside, Forte Oil recorded the highest loss of N1.48 to close at N42 per share. Unilever Nigeria followed with a loss of 79 kobo to close at N40.21. Ecobank Transnational Incorporated, dropped by 73 kobo to close at N16.27 per share. Stanbic IBTC Holdings declined by 60 kobo to close at N40.90, while Union Bank of Nigeria dipped by 29 kobo to close at N7.51 per share.
Total turnover stood at 248.55 million shares valued at N1.78 billion in 3,035 deals. Transnational Corporation of Nigeria was the most active stock with 102.77 million shares valued at N150.72 million. Zenith Bank followed with 24.78 million shares worth N642.97 million, while Skye Bank placed third with 15.56 million shares valued at N7.82 million.
“In line with expectation, the market closed positive, albeit marginal. Hence, we do not rule out the possibility of some profit-taking in subsequent sessions,” Afrinvest Securities stated.
Nigerian equities had closed 2017 with average year-to-date return of 42.30 per cent, equivalent to net capital gain of N4.36 trillion. At the close of trading for the year, most equities were on the upside with all major indices showing widespread positive returns across the sectors.
Aggregate market value of all quoted equities on the Nigerian Stock Exchange closed the year at N13.609 trillion as against the year’s opening value of N9.247 trillion, representing net capital gain of N4.36 trillion. The ASI closed the year at 38,243.19 points as against its year’s opening index of 26,874.62 points, representing average full-year return of 42.30 per cent.