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NSE: Market Rebounds After Monday’s Loss

Nigerian Stock Exchange NSE

By Modupe Gbadeyanka

The Nigerian equities market rebounded on Tuesday after opening on a bearish note on Monday, August 29, 2016.

The market, which went down by 0.30 percent on Monday, appreciated by 0.46 percent yesterday on bargain hunting in bellwether stocks.

The Nigerian Stock Exchange (NSE) closed higher at 27,493.12, while market capitalisation added N42.8 billion to settle at N9.44 trillion.

Similarly, the volume and value of shares traded rose by 174 per cent and 285 per cent from 83.833 million shares valued at N711.123 million to 230.135 million shares worth N2.741 billion yesterday. A total of 17 stocks appreciated compared with 18 stocks that depreciated.

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The positive session recorded for the day was largely buoyed by gains in the shares of Dangote Cement Plc, Nigerian Breweries Plc, Guaranty Trust Bank Plc, FBN Holdings Plc and Ecobank Transnational Incorporated.

However, Seven-Up Bottling Company Plc led the price gainers’ chart with 9.4 per cent to close at N127.99 per share, trailed by Nigerian Aviation Handling Company Plc, which went up by 8.3 per cent. Skye Bank Plc and Mobil Oil Nigeria Plc chalked up 5.0 per cent apice, just as Wema Bank Plc and Unity Bank Plc appreciated by 4.5 per cent and 2.6 per cent respectively.

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Presco Plc, AIICO Insurance Plc, ETI, NASCON Allied Industries Plc garnered 2.5 per cent, 1.5 per cent, 1.3 per cent and 1.2 per cent in that order. Nigerian Breweries Plc and Dangote Cement Plc appreciated by 1.2 per cent and 1.1 per cent respectively.

Conversely, May & Baker Nigeria Plc led the price losers, falling by 8.9 per cent. Conoil Plc trailed with a loss of 4.9 per cent, followed by Cutix Plc, which shed 4.8 per cent. Fidelity Bank Plc, Sterling Bank Plc and African Prudential Registrars Plc went down by 4.1 per cent, 4.0 per cent and 3.7 per cent in that order. Champion Breweries Plc and United Bank for Africa Plc 3.3 per cent and 2.4 per cent respectively.

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UBA last week announced an interim dividend of 20 kobo for the half year ended June 30, 2016 following a profit after tax of N31.999 billion recorded for the period.

Group Managing Director/CEO, UBA Plc, Mr Kennedy Uzoka, had said that even as Naira depreciation and inflationary pressure increased the cost of doing business in Nigeria, the bank leveraged its economics of scale, enhanced operational efficiency and Group shared service structure to moderate its cost-to-income.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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