Industrial, Banking Stocks Lift NSE Index Slightly by 0.06%

By Modupe Gbadeyanka

The positive performance recorded by stocks in the industrial and banking sectors provided the needed energy for the Nigerian Stock Exchange (NSE) to open week on a bullish note.

The equity market, at the close of business on Monday, marginally went up by 0.06 percent as a result of gains recorded by the GTBank and Dangote Cement. These two stocks also lifted their respective sectors by 0.43 percent and 0.56 percent.

Business Post reports that the stock market also reacted to the impressive Q1 earnings of some companies released today, whetting investors’ appetite to add more stocks to their portfolios.

By the time market activities were brought to close today,  the volume and value of transactions recorded on the floor of the NSE on Monday increased.

A total of 450.5 million shares exchanged hands in 4,699 deals worth N5 billion in contrast to 319.3 million equities traded last Friday in 3,863 deals valued at N2.8 billion.

This was boosted by the huge interest investors had in the shares of Mutual Benefit Assurance, selling a total of 131 million units worth N31.4 million.

It was followed by UBA, which traded 67.8 million shares valued at N781.1 million, and FBN Holdings, which transacted 53.6 million equities worth N670.3 million.

Zenith Bank traded 23.6 million shares for N648.5 million, while Transcorp sold 16.2 million equities worth N27 million.

Business Post reports further that the market breadth ended positive today with 19 price gainers and 18 price losers.

Beta Glass topped the price gainers’ chart with N3.75k added to its share value to settle at N79.25k per share.

It was trailed by Julius Berger, which increased by N1.15k to end at N28.5k per share, and Dangote Cement, which rose by N1 to finish at N246 per share.

CCNN appreciated on Monday by 95k to close at N20.45k per share, while GTBank went up by 65k to end at N45 per share.

On the flip side, Nestle Nigeria suffered the heaviest loss after going down by N16 to end the day at N1599 per share.

Dangote Sugar went down by 90k to close at N20.50k per share, while Dangote Flour depreciated by 70k to end at N13.30k per share.

Also, Flour Mills declined by 70k to finish at N34.50k per share, while Total Nigeria reduced by 40k to settle at N222.20k per share.

A close look at the market indices today showed that the All-Share Index (ASI) increased by 23.12 points to settle at 41,268.01 points, while the market capitalisation added N8.4 billion to finish at N14.949 trillion.

Investors are optimistic the positive result achieved today the market is continued on Wednesday when the trading activities resume on the NSE. The market will remain closed tomorrow as workers stay away from work to mark their day.