Equities Market Rebounds On Financial Stock, Up 0.24%

By Ololade Julianah,Lagos

Nigerian equities got a fillip from resumed bargain hunting activities across the board on Tuesday when more than three stocks gained for every one that lost. Financial services stocks especially closed upbeat as investor confidence returned with both indicators closing higher at 0.24 per cent each.

Market Capitalisation appreciated by N20.213 billion to close at N8.538 trillion from N8.518 trillion recorded at the close of trading on Tuesday, while the All-Share Index nicked 58.76 basis points or 0.24 per cent to close at 24,823.86 points from 24,765.10 points recorded in the previous trading day.

Ecobank Transnational Incorporated led the gainers’ table rose by 50 kobo to close at N15.20 per share, followed by Nigerian Breweries which grabbed 44 kobo to close at N106.53 per share, Oando added 18 kobo to close at N4.55 per share, Dangote Sugar Refinery gained 16 kobo to close at N5.98 per share, while NASCON Allied Industries shares appreciated by 15 kobo to close at N8.10 per share, among others.

On the flip side, brewer, Guinness Nigeria, led six other decliners when it went down by 200 kobo to close at N95.00 per share, followed by Stanbic IBTC which lost 54 kobo to close at N13.76 per share Berger Paints dropped 46 kobo to close at N8.84 per share, Airline Services depreciated by 8 kobo to close at N1.64 per share, while Dangote Cement shed 4 kobo to close at N161.00 per share, among others.

Access Bank emerged the most traded equity with an exchange of 29.156 million shares worth N113.717 million. It was trailed by First City Monument Bank; having accounted for 1.994 million shares valued N10.131 million, while United Bank for Africa sold 4.989 million shares worth N16.922 million, Guaranty Trust Bank exchanged 3.479 million shares valued N56.041 million while Livestock Feeds traded 2.904 million shares worth N2.644 million.

Nigerian Interbank Treasury Bills True Yields increased for most tenors amid mild sell pressure – yields on the one month, three months and twelve months tenored bills upped to 4.10 per cent, 7.82 per cent and 11.01 per cent respectively.

Meanwhile, interbank offered rates increased for most tenor buckets – NIBOR for 1 month, 3 months and 6 months increased to 8.15 per cent, 10.86 per cent and 12.65 per cent respectively.

OTC FGN bond prices appreciated for most maturities following bargain hunting activity – 20-year, 10.00 per cent FGN July 2030 bond, 10-year, 16.39 per cent FGN January 2022 paper and 7-year, 16.00 per cent FGN June 2019 paper gained N0.47 (yield fell to 12.89 per cent), N0.72 (yield declined to 12.26 per cent) and N0.82 (yield softened to 11.95 per cent) respectively.

Nigeria’s eurobonds depreciated on sell pressure. The 10-year, 6.75 per cent January 28, 2021 bond and 5-year, 5.13 per cent July 12, 2018 bond lost USD0.23 (yield rose to 7.44 per cent) and USD0.05 (yield rose to 5.18 per cent) respectively.