Energy, Industrial Goods Stocks Raise Market Value by N9bn

By Dipo Olowookere

The equities market in Nigeria closed the last trading session for the month of August 2020 on a positive note on Monday, appreciating by 0.07 per cent.

Business Post observed that the Nigerian Stock Exchange (NSE) had a last-minute turnaround yesterday after being in the red territory for the most part of the trading session.

The market was looking like it would point south on Monday because of the selling pressure on banking stocks, especially the tier-one, but the bargain hunting in energy and industrial goods sectors changed the direction of the pointer.

At the close of transactions, the All-Share Index (ASI) rose by 17.76 points to 25,327.13 points from 25,309.37 points, while the market capitalisation increased by N9 billion to N13.213 trillion from N13.204 trillion.

As earlier stated, the energy and industrial goods sectors helped the market close positive on Monday with respective growth of 1.99 per cent and 0.55 per cent.

However, the banking counter depreciated by 0.74 per cent, while the insurance space declined by 0.61 per cent, with the consumer goods index down by 0.01 per cent.

A total of 302.0 million stocks worth N2.6 billion exchanged hands on Monday in 3,854 deals in contrast to last Friday’s 137.1 million shares worth N920.5 million transacted in 2,869 deals, indicating 120.36 per cent, 185.46 per cent and 34.33 per cent growth in the trading volume, value and number of deals respectively.

UAC Nigeria closed the session as the most active stock with 74.4 million shares traded for N425.2 million and was followed by Zenith Bank, which exchanged 23.9 million units for N400.4 million.

UBA transacted 22.4 million shares valued at N141.2 million, FBN Holdings exchanged 22.3 million equities for N109.9 million, while Access Bank traded 18.0 million stocks worth N112.2 million.

The market breadth closed yesterday in the negative with 17 price losers as against the 11 price risers led by Mobil Oil, which added N17.5 to its share value to quote at N192.50 per share.

It was trailed by Dangote Cement, which appreciated by 70 kobo to finish at N134.90 per unit, Lafarge Africa, which gained 40 kobo to sell for N11.95 per unit, Vitafoam, which improved by 24 kobo to quote at N5.71 per share, and BUA Cement, which garnered 10 kobo to settle at N40.10 per unit.

The losers’ clique was led on Monday by C&I Leasing, which depreciated by 40 kobo to settle at N3.60 per share and was deputised by Guinness Nigeria, which lost 35 kobo to sell for N13.80 per unit.

Access Bank went down by 20 kobo to trade at N6.20 per share, Red Star Express declined by 20 kobo to finish at N3.85 per unit, while Union Bank fell by 10 kobo to quote at N5.30 per unit.