Financial Stocks Paint Nigerian Market Green by 0.13%

By Dipo Olowookere

Gains recorded by financial stocks at the Nigerian Stock Exchange (NSE) on Thursday contributed to the 0.13 percent growth recorded by the market.

While the banking index appreciated by 5.99 percent during the session, the insurance counter improved by 1.89 percent. However, the consumer goods index lost 4.61 percent, the energy space declined by 0.21 percent, while the industrial goods sector depreciated by 0.16 percent.

Business Post reports that the market breadth closed positive with 24 price gainers as against eight price losers.

GTBank topped the gainers’ chart on Thursday after adding 90 kobo to its share price to sell at N18 per unit, while Union Bank gained 60 kobo to quote at N6.60 per unit.

Access Bank appreciated by 55 kobo to sell at N6.15 per share, Cadbury Nigeria also gained 55 kobo to trade at N6.20 per unit, while UBA appreciated by 35 kobo to N5.15 per unit.

On the other hand, Nestle Nigeria lost N85 to sell at N765 per share at the close of business yesterday, while Stanbic IBTC fell by N1.80 to N24.30 per unit.

Julius Berger depreciated by N1.70 to sell at N22 per share, GlaxoSmithKline declined by 30 kobo to trade at N3.50 per unit, while Nigerian Breweries went down by 20 kobo to quote at N26.80 per share.

Despite the gains posted by the stock market yesterday, the level of activity went down as the trading volume decreased by 26.26 percent to 172.2 million from 233.5 million, while the value of transactions reduced by 15.73 percent to N1.9 billion from N2.2 billion, with the number of deals crashing by 8.57 percent to 3,542 from 3,874.

A breakdown of the trades showed that Zenith Bank accounted for 40.6 million units worth N488.8 million, while UBA accounted for 16.0 million units valued at N79.3 million.

Sterling Bank sold 13.2 million shares worth N13.7 million, FCMB transacted 12.3 million valued at N18.5 million, while Access Bank exchanged 10.3 million stocks for N61.2 million.

At the close of transactions on Thursday, the All-Share Index (ASI) increased by 27.99 percent to 21,757.47 points from 21,729.48 points, while market capitalisation went up by N15 billion to N11.339 trillion from N11.324 trillion.