Nigerian Stocks Open Week Bullish, Rise 0.33%

By Modupe Gbadeyanka

Trading of equities on the floor of the Nigerian Stock Exchange (NSE) resumed on Monday on a positive note, finishing 0.33 percent higher at the close of business activities. This pushed the year-to-date return further to 37.57 percent.

The market reacted positively to the United Bank for Africa (UBA) Plc’s nine months earnings released to the stock market regulator today. The lender recorded 23 percent profit growth in the period under review.

Business Post reports that the volume of shares transacted at the stock market on Monday moved up with investors trading 215 million equities worth N2.7 billion compared with 159.6 million units exchanged last Friday valued at N2.2 billion.

A breakdown of the trades showed Transcorp emerging the most active stocks, selling a total of 31 million shares for N48 million.

UBA traded 25.5 million shares at N236.2 million, while GTBank sold 23.3 million shares valued at N981.4 million.

FCMB exchanged 15.6 million shares worth N16.2 million, while FBN Holdings transacted 13.3 million shares worth N80.8 million.

Our correspondent reports further that at the close of trading activities on the floor of the NSE today, the All-Share Index (ASI) recorded a rise of 122.64 points to settle at 36,970.81 points, while the market capitalisation increased by N42.2 billion to finish at N12.7 trillion.

The Nigerian stock market, which closed with 24 gainers and 15 losers, saw GlaxoSmithKline emerging as the highest gainer, growing by N1.5k to close at N22.5k per share.

It was trailed by Stanbic IBTC, which increased by N1 to settle at N43 per share, and Zenith Bank, which progressed by 80k to finish at N26.30k per share.

NASCON gained 65k today to close at N13.85k per share, while Presco moved up by 50k to end at N67.50k per share.

On the flip side, Nigerian Breweries lost N2 on Monday to finish at N163 per share, while Vita Foam depreciated by 12k to close at N2.64k per share.

Custodian & Allied fell by 10k to end at N3.50k per share, MedView Airline crashed by 7k to settle at N1.52k per share, and Continental Reinsurance declined by 6k to finish at N1.38k per share.