NSE: Market recovers marginally as blue-chip stocks lead gainers

The Nigerian bourse made a bullish recovery Thursday afternoon after the bear held sway for two days, thanks to gains recorded by some blue chip stocks. The positive market breadth lifted market capitalisation to N12.947 trillion. In the same vein, the All Share Index inched up by 0.13% to 26, 824.50 basis points. However, the index is down by 14.65% year to date.

TOP 5 GAINERS

Interestingly, the resilience of the market today hinged on the resilience of notably four stocks out of the top five advancers. They made the top five losers’ pack yesterday but suddenly turned the tables today as though they were under instruction to reverse the abysmal performance of yesterday. Cadbury went up by 10% to close at N9.9. Glaxosmithkline leapt by 9.65% to N6.25. UACN notched up 7.14% to end the day at 7.14%. FBN Holdings appreciated by 4.62%, closing trade at N6.8. OANDO added 6.29% to end today’s trade at N3.72.

TOP 5 LOSERS

Dangote Sugar topped the losers’ table with 4.83% slump to close at N13.8. C & I Leasing came next with 9.85% loss, closing at N5.95. For the third day running, Dangote Cement depreciated, this time by 0.42% to end today’s business at N143. Jaiz Bank crashed by 8.7% to close at N0.63. Livestock Feeds completed the chart, falling by 7.27% to 0.51 at the Close of Business.

TOP 5 TRADES

In terms of trade volume, the market owed its debts to the Financial Services sector which, by means of banking and insurance stocks, dominated the activity chart today. The shares of Law Union and Rock were the most sought after with 151.702 million of its shares estimated at N91.317 million exchanging hands in 11 deals. UBA traded 20.364 million shares worth N142.606 million in 240 transactions. 12.368 million shares of Access Bank priced at N111.670 million were traded in 271 transactions. Mutual Benefit Insurance traded 11.087 million shares in 13 deals valued at N2.217 million. Zenith Bank had 10.374 million of its shares with a market value of N193.130 million exchanged hands in 271 transactions.

NEW DEVELOPMENT

Telecommunications giant, MTN Nigeria officially notified the Exchange of conducting a successful demo run of its 5G technology and applications. The telco thus became the first West African Mobile Network Operator to record that feat. The 5G technology promises greater speed, latency, efficiency and security among other benefits. The trial run is expected to hold in Calabar, Lagos and four more cities in Nigeria “utilizing trial spectrum allocated to MTN Nigeria by the NCC.”

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