By Dipo Olowookere
The disappointing inflation numbers released by the National Bureau of Statistics (NBS) on Wednesday were not enough to dampen the spirit of investors yesterday at the Nigerian Stock Exchange (NSE).
This was because despite the inflation rate for the month of December 2018 increasing to 11.44 percent, as the stats office said, the equities market extended its gains for the fifth consecutive trading session.
The local bourse posted a 1.07 percent growth at the close of transactions on Wednesday, reducing the year-to-date loss to 3.09 percent.
Though the value of trades recorded at the market today went down by 35.27 percent, the volume still remained slightly high, increasing by 1.92 percent.
While the volume of shares transacted by investors appreciated to 305.8 million from 300 million, the value dropped to N2.1 billion from N3.3 billion.
At the close of business yesterday, the All-Share Index (ASI) close at 30,460.68 points after going up by 323.15 points, while the market capitalisation went up by N120 billion to settle at N11.359 trillion.
Business Post reports that Diamond Bank remained the most actively traded stock, recording a turnover of 141.2 million units sold for N296.6 million.
Fidelity Bank exchanged 18.6 million equities for N38.2 million, while GTBank transacted 17.4 million units worth N577.8 million.
Zenith Bank traded 16.2 million equities valued at N357.1 million, while Sterling Bank sold 16 million shares worth N31.5 million.
On the price movement chart, Dangote Cement topped the gainers’ table during yesterday’s session, appreciating by N8 to close at N188 per share.
Guinness Nigeria went up by N6.25k to settle at N71 per share, while Forte Oil improved by N1.40k to finish at N29.40k per share. NASCON increased its share value on Wednesday by 60 kobo to end at N18.60k per share, while Custodian Investment jumped by 50 kobo to quote at N5.80k per unit.
