Oando, 24 Others Drive N291bn Market Gain

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  • Oando, 24 Others Drive N291bn Market Gain

The shares of Oando Plc and 24 other quoted companies appreciated at the close of trading on the floor of the Nigerian Stock Exchange on Wednesday, thus boosting the bourse’s capitalisation by N291bn.

The NSE market capitalisation appreciated to N9.644tn from N9.544tn, while the All-Share Index climbed to 27,900.44 basis points from 27,609.67 basis points.

A total of 371.455 shares valued at N3.49bn exchanged hands in 3,910 deals.

The Nigerian equities market continued its bullish run, which was punctuated by two consecutive days of decline. It advanced by 1.05 per cent to settle the year-to-date return at 3.82 per cent. There were 25 gainers and 13 losers.

Oando topped the gainers’ list, advancing by 9.90 per cent to close at N8.55.

May & Baker Nigeria Plc, Linkage Assurance Plc, Red-Star Express Plc and Glaxo Smithkline Consumer Nigeria Plc followed on the gainers’ table, appreciating by 9.84 per cent, 7.41 per cent, five per cent and 4.97 per cent, accordingly.

However, C & I Leasing Plc topped the losers’ chart, depreciating by 8.22 per cent to close at N0.67. This was followed by Law Union and Rock Insurance Plc, Livestock Feeds Plc, Union Bank of Nigeria Plc and Africa Prudential Registrars Plc, which depreciated by 4.76 per cent, 4.71 per cent, 2.91 per cent and 2.17 per cent, respectively.

At the close of trading, all sector indices recorded appreciations aside of the NSE industry index, whch traded flat. The NSE food/beverage index fared the best, with a gain of 1.99 per cent.

Commenting on the market outcome, analysts at Meristem Securities Limited, in a post, said, “We attribute the day’s gain to positive sentiments towards some large cap stocks such as Guaranty Trust Bank Plc, FBN Holdings Plc, Nestle Nigeria Plc and Nigerian Breweries Plc gained 4.07 per cent, 3.65 per cent, 3.12 per cent and 2.07 per cent, accordingly.

“We also note the improved sentiments towards healthcare stocks in recent weeks.”

In the Treasury bills space, bullish sentiments replaced the bearish sentiments witnessed in the last two trading days , as average yield declined, albeit marginally, by 0.06 per cent to close at 20.81 per cent. The one-month (0.02 per cent), 12-month (0.05 per cent) and six-month (0.21 per cent) instruments recorded yield advancements, while the six-month and three-month instruments declined by 0.03 per cent and 0.56 per cent, accordingly.

Similar sentiments were recorded in the treasury bonds market as the average bond yield declined marginally by 0.04 per cent upturning Tuesday’s increase, to close at 16.87 per cent. Six instruments recorded yield advancements, two declined, while all others traded flat.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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