Business

Equities market gains N158bn as NSE lists Notore Chemical

Nigerian stock market now ranked worst performing in Africa

The trading of equities on the floor of the Nigerian Stock Exchange (NSE) closed on a positive note on Thursday to reverse Wednesday’s bearish performance on renewed buy interest in banking stocks.

The NSE listed Notore Chemical Industries Plc to its daily official list with 1.6 billion ordinary shares at 50 Kobo par value at N62.50 per share, making it the first listing into the domestic bourse this year.

Notore is an integrated agro-allied, chemical and power group based in Onne, Rivers State with six subsidiaries.

The benchmark index of the NSE, the All-Share Index (ASI), appreciated by 0.21 percent by adding 76.08 points to close at 36,688.91 points, while the Month-to-Date and Year-to-Date returns improved to -0.89% and -4.68%, respectively.

Specifically, investors gained N158 billion at the close of session as market capitalisation rose from N13.26 trillion to N13.39 trillion.

An analysis of the sectorial indices shows that NSE Banking index was the top gainer rising by 2.39 percent, following interest in Access Bank (+3.09%), Zenith Bank (+2.60%), FBN Holdings (+1.01%), and Guaranty Trust Bank (+0.63%) shares.

The bidding for Niger Insurance (+7.69%) stock spurred gains in the Insurance (+0.87%) index to appreciate by 0.87 percent. Other indices like Consumer Goods, Industrial Goods, Oil & Gas depreciated by 1.03 percent, 0.50 percent and 0.29 percent respectively amidst sell pressure.

Market breadth turned positive as 23 gainers emerged as against and 16 stocks that declined.

Portland Paints & Products Nigeria was the highest gainer posting 9.76 percent appreciation to close the market at N2.25 per share. Uacn Property Development Company followed with 9.68 percent to close at N1.70 per share, while Lasaco Assurance rose by 9.09 percent to close at 36 Kobo per share.

Trans-nationwide Express increased by 8.33 percent to close at 78 Kobo, while Niger Insurance gained 7.69 percent to close at 28 Kobo.

Read also: Stock market records largest drop in 6 weeks over political instability

Conversely, Secure Electronic Technology led the laggards’ chart with 10 percent depreciation to close at 36 Kobo. Flour Mills Nigeria trailed with 5.40 percent to close at N27.15 per share, while Oando shed 4.27 percent to close N5.60 per share.

Regency Alliance Insurance Company dropped by 4.17 percent to close at 23 Kobo, while Universal Insurance Company declined by 4 percent to close at 48 Kobo per share.

At the close, the total volume of trades rose by 33.40 percent to 320.45 million units, valued at N3.53 billion exchanged in 3,293 deals.

This was against the 240.21 million volume of shares, worth N4.99 billion transacted in 3,494 deals.

Nigerian Aviation Handling Company was investors’ toast recording 130.59 million volume of shares valued at N777.32 million. United Bank for Africa posted 28.73 million shares worth N270.96 million, while Union Diagnostic & Clinical Services exchanged 14.84 shares valued at N4.45 million.

“Our outlook for equities in the short to medium term remains conservative, amidst brewing political concerns, and the absence of a one-off positive trigger. However, stable macroeconomic fundamentals remain supportive of recovery in the long term,” Cordros capital stated.

By Oluwasegun Olakoyenikan

 

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