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Lafarge, Guinness Nigeria, Others Gain as NSE Index Rebounds

By Dipo Olowookere

The loss recorded by the local stock market on Wednesday was quickly reversed on Thursday after closing 0.33 percent higher as a result of renewed buying interest.

It was observed that the volume of equities traded yesterday increased by 18.74 percent just as the value went up by 32.06 percent.

At the end of the day’s trading, a total of 226 million shares worth N2.3 billion exchanged hands in 2,873deals compared with the 190.4 million equities valued at N1.8 billion transacted the previous session in 2,780 deals.

These trades were dominated by the financial stocks, accounting for 160.5 million units sold for N1.4 billion, while the industrial goods stocks followed with 39.8 million units traded at N146 million.

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NEM Insurance emerged as the most individual stock at the Nigerian Stock Exchange (NSE) yesterday, transacting 39.1 million units worth N121.1 million.

It was followed by First Aluminium, which traded 36.6 million units of its shares valued at N11.2 million, and Zenith Bank, which traded 20.7 million equities worth N428.8 million.

Access Bank exchanged 20.2 million shares for N161.5 million, while FBN Holdings transacted 19.5 million equities for N163.8 million.

Business Post reports that the market breadth further closed positive on Thursday with 25 price gainers against 15 price losers.

While Lafarge emerged as the highest price gainer with N2.05k added to its share value to quote at N22.75k per share, Guinness Nigeria followed with N2 price appreciation to settle at N88 per share.

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UAC of Nigeria gained 90 kobo to close at N11.10k per share, Flour Mills increased by 80 kobo to end at N20.10k per share, while Dangote Sugar garnered 65 kobo to finish at N14.70k per share.

On the flip side, Seplat recorded the biggest price loss with a N6.70k reduction in its share price to close at N600 per share.

It was followed by Okomu Oil, which went down by N2.90k to end at N77 per share, and Nigerian Breweries, which depreciated by N1.10k to settle at N89 per share.

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CCNN also decreased by N1.10k to finish at N23.70k per share, while GlaxoSmithKline reduced by 65 kobo to close at N13.65k per share.

Thursday’s gain was influenced by the positive performances across the sectors except for the insurance and the oil and gas sectors, which went down by 0.27 percent and 0.29 percent respectively.

The NSE Industrial, NSE Banking and NSE Consumer Goods index closed higher by 2.44 percent, 0.66 percent and 0.16 percent respectively.

Business Post reports that while the All-Share Index (ASI) improved by 105.77 points to finish at 32,480.89 points, the market capitalisation advanced by N39 billion to settle at N11.858 trillion.

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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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