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Equities market maintains uptick as ASI up 88bps

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Equities market maintains uptick as ASI up 88bps

Following price gains in Dangote Cement and Guarantee Trust Bank, the Nigerian Stock Exchange (NSE) recorded another positive performance for the third consecutive day to kick start the week.

Although, last week’s four-day gaining streak was truncated on Wednesday by a decline of 2.37 percent in key market indicators. However, the bulls returned to the domestic bourse last Thursday extending to Monday as the benchmark index of the NSE, the All-Share Index (ASI), rose 88 basis points to close at 33,196.07 points, while the year-to-date return of the ASI improved further to 13.25 percent.

Specifically, equity investors went home with N105.41 billion just as the market capitalization of traded equities, which opened at N12.01 trillion, surged to N12.12 trillion at the close of trading.

Despite the bullish performance, performance across sectors was bearish as three of five key sectors headed south. The NSE Insurance Index fell by 0.4 percent, majorly driven by poor results published by AIICO Insurance, and Custodian and Allied.

Also, losses in oil firms like Oando and Eterna dragged the NSE Oil & Gas Index down by 0.3 percent, while NSE Consumer Goods Index, which fell by 0.2 percent, was plunged by weaker earnings results of Nigerian Breweries.

Read also: Nigeria ranks a step higher in Foreign Direct Investment Projects to Africa

But, the NSE Banking and Industrial Goods indices gained in line with the overall market performance, recording 2.0 percent and 4.0 percent, respectively.

Activity level was mixed as the volume of traded shares dropped 46.31 percent to 150.50 million units, while the value rose by 46.66 percent to N2.88 billion.

These investments in few shares resulting in high value indicates investors’ sentiment in bellwether stocks.

This is evident as Guaranty Trust Bank led the most active stock in terms of value with 28.28 million units valued at N1.07 billion.

It was trailed by Zenith Bank which recorded 28.43 million units worth N690.37 million; Dangote Cement, 2.30 million units at N479.43 million; International Breweries, 5.50 million units at N170.40 million; and FBN Holdings, 10.47 million units of shares at N94.10 million.

Consequently, Zenith Bank emerged investors’ toast recording 28.43 million units valued at N690.37 million. It was followed closely by Guaranty Trust Bank, which traded 28.28 million units at N1.07 billion, while First City Monument Bank sold and bought 15.37 million shares at N15.37 million.

The best performing stocks today were Consolidated Hallmark Insurance which rose by 10 percent to close at 33 Kobo per share; Lasaco Assurance, 6.67 percent to close at 32 Kobo per share; Stanbic IBTC Holdings, 6.52 percent to close at N49 per share; Wapic Insurance, 4.76 percent to close at 44 Kobo per share; and Guaranty Trust Bank, 4.05 percent to close at N38.50 per share.

On the other hand, Unity Bank led the laggards with 10 percent depreciation in share price to close at 81 Kobo per share, while Diamond Bank lost 9.72 percent to close at N1.30 per share over mounting uncertainty over the injection of fresh capital into the company.

Equity Assurance and Royal Exchange declined by 9.09 percent to close at 20 Kobo per share, while AIICO Insurance fell by 8.86 percent to close at 72 Kobo per share.

 

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