35 Stocks Propel Local Exchange to 0.83% Growth

By Dipo Olowookere

A 0.83 per cent growth was recorded at the Nigerian Stock Exchange (NSE) on Wednesday propelled by the gains printed by 35 equities.

During the midweek session, investors continued to put their funds in stocks because of the low-yield environment in the fixed income market, especially after the Central Bank of Nigeria (CBN) on Tuesday resolved to retain the benchmark interest rate in the country unchanged at 11.5 per cent after its first Monetary Policy Committee (MPC) meeting in Abuja.

As a result of the sustained buying pressure, the All-Share Index (ASI) moved up by 345.79 points to close at 41,930.73 points in contrast to 41,584.94 points it finished the preceding session.

Also, the market capitalisation increased by N180 billion to settle at N21.934 trillion versus the previous day’s N21.754 trillion.

As earlier stated, 35 shares appreciated in price and Airtel Africa topped the chart with an appreciation of N10 to trade at N930 per unit.

MTN Nigeria grew by N4.10 to finish at N175 per share, Lafarge Africa gained N2 to close at N29.50 per unit, Julius Berger appreciated by N1.10 to end at N20.60 per share, while Dangote Sugar rose by 50 kobo to quote at N20.60 per unit.

At the other side, a total of 21 equities depreciated in value with Ardova leading the chart after it lost 45 kobo to close at N18 per share.

SAHCO declined by 32 kobo to end at N2.88 per unit, Union Bank shed 20 kobo to finish at N5.70 per share, Caverton depleted by 19 kobo to N1.83 per unit, while Ecobank deflated by 15 kobo to sell at N6.40 per share.

Business Post reports that a total of 543.6 million shares worth N7.3 billion were traded yesterday in 6,770 deals in contrast to the 467.9 million stocks worth N5.6 billion transacted the previous day in 5,990 deals, indicating a 16.18 per cent rise in the trading volume, a 31.55 per cent growth in the trading value and a 13.02 per cent increase in the number of deals.

Transcorp maintained its position as the most traded stock on Wednesday after it transacted 57.2 million shares valued at N61.0 million.

Japaul exchanged 52.0 million stocks valued at N40.3 million, Zenith Bank traded 47.2 million equities worth N1.2 billion, FBN Holdings transacted 38.1 million stocks for N284.7 million, while UBA exchanged 32.5 million shares valued at N291.7 million.