Share price gains recorded yesterday by Cadbury Nigeria plc, Dangote Cement plc, and Unilever Nigeria plc contributed immensely to the 1.61% increase in the value of Nigerian equities market. Market watchers observed profit taking on banking stocks and large-cap consumer goods counters, a development which informed most analysts’ expectation of a bearish close today.
Gainers
The share price of Cadbury Nigeria plc led other 23 equities that gained after it rose from a low of N42.30 to N46.63, up by 10.24% or N4.33; followed by the shares of Dangote Cement plc which rose by 10.23%, from N169.74 to N187.11, adding N17.37. Also, the share price of Unilever Nigeria plc appreciated by N3.04 or 10.22%, from a low of N29.76 to N32.80.
Other equities that recorded price increase include that of Ikeja Hotel plc which rose from N3.04 to N3.34, up by N0.30 or 9.87%; while that of Transnational Corporation plc (Transcorp) rose from N3.78 to N4.15, adding N0.37 or 9.79%.
Losers
Airline Services and Logistics plc led the pack of 35 losers after its share price dropped from N1.83 to N1.66, losing N0.17 or 9.29%; while that of United Bank for Africa plc dipped from N5.16 to N4.70, down by N0.46 or 8.91%.
Champion Breweries plc also recorded share price decline by 7.13%, from N8.98 to N8.34, after losing N0.64. FBN Holding plc declined from N10.51 to N9.88, losing N0.63 or 5.99%, followed by Flour Mills Nigeria plc which recorded share price decline or 2.63 or 5%, from N52.64 to N50.01.
Index trends north
The Nigerian Stock Exchange (NSE) All Share Index (ASI) closed at 34,515.47 points against the preceding day’s 33,967.48 points, while market capitalisation closed at N11.432 trillion against preceding day’s N11.250 trillion. The stock market value increase by N182billion yesterday helped to moderate year-to-date (YtD) loss to -16.49%.
Volume of shares traded increased by 8.39% from 299.913 million to 325.079 million, while the total value of stock traded decreased by 29.02% from N7.596 billion to N5.392 billion in 5,204 deals.
Money market also impressed
At the money market, analysts said the liquidity conundrum cooled-off, as N244 billion worth of treasury bills (T-Bills) mature into the system. “Given increased interbank market liquidity, the OBB and Overnight rates eased an average of 50basis points (bps) to 10.46% and 10.67% respectively. However, the treasury bill market was largely bearish, partly due to the OMO auction; the CBN sold N81 billion of the 182-day bill at 10.96% discounted rate (Vs. N50 billion Offer). As settlement for bond auction further sterilizes the system tomorrow (that is today), we expect yields on treasuries to rise further, particularly the long-dated bills. As expected, there was a notable sell-off in the bond market, as investors re-price assets to primary market rates. Overall, the yield curve rose an average of 25bps, with relative pressure on the short end of the curve,” according to analysts at Associated Discount House Limited.
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