NSE Index Sustains Growth by 0.69% Despite Drop in Trading Volume

By Dipo Olowookere

The local stock market maintained its bullish trend on Tuesday as the third quarter earnings continue to impress investors.

More companies released their financial scorecards today and they did not disappoint market observers and analysts.

Transcorp, Sterling Bank and Ecobank were among firms that released their earnings for the first nine months of this year on Tuesday.

At the close of transactions, the Nigerian Stock Exchange (NSE) went up by 0.69 percent, reducing the year-to-date loss to 13.21 percent.

While the All-Share Index (ASI) appreciated by 228.63 points to close at 33,191.45 points, the market capitalisation grew by N83 billion to settle at N12.117 trillion.

However, despite the market closing in the green territory today, the volume and value of shares transacted reduced by 28.20 percent and 52.52 percent respectively.

While the volume of equities traded by investors reduced to 15.2 million from 257.9 million, the value dropped to N2.4 billion from N5 billion.

Like in the previous session, the Financial Services sector led the activity chart with 132.6 million shares exchanged for N1.4 billion, while the Conglomerates sector followed with 25.2 million equities worth N35 million.

FCMB topped the activity chart with a total of 27.6 million shares sold for N42.8 million, with Transcorp following with 24.9 million units exchanged for N32 million.

GTBank transacted 15.2 million equities for N553.9 million, Access Bank traded 14.8 million shares valued at N118.8 million, while UBA traded 14.4 million at N115.6 million.

At the close of business today, Nestle Nigeria emerged the highest price gainer, appreciating by N30 to settle at N1400 per share.

It was followed by Dangote Cement, which grew by N4.50k to close at N214.50k per share, and FBN Holdings, which rose by 40 kobo to finish at N9.65k per share.

Dangote Flour appreciated by 20 kobo to end at N7.70k per share, while Transcorp added 12 kobo to its share value to quote at N1.37k per share.

At the other side, it was not a pleasant trading day for Unilever as the firm lost N1.85k at the stock market to close at N45.65k per share.

Beta Glass depreciated by N1.20k to settle at N69 per share, while PZ Cussons declined by 95 kobo to finish at N11.45k per share.

Ecobank fell by 85 kobo to quote at N16 per share, while GlaxoSmithKline reduced by 40 kobo to settle at N12.30k per share.