Blue-Chip Stocks Lift Nigerian Market by 0.05%

By Modupe Gbadeyanka

Gains recorded by some blue-chip equities on Thursday lifted the Nigerian Stock Exchange (NSE) by 0.05 percent, Business Post is reporting.

It was observed that during the trading session, there were renewed bargain hunting activities at the local bourse with the market turnover rising significantly by 334.36 percent to N15.2 billion from N3.5 billion yesterday amid increased investor interest in Zenith Bank shares, which contributed 96 percent of value traded today.

In addition, the volume of shares traded by investors increased by 182.89 percent to 672.6 million from 237.8 million.

Business Post reports that the market breadth ended positive today with the Exchange recorded 16 price gainers against 10 price losers.

At the close business, Flour Mills emerged the highest price gainer, adding N1.85k to its share value to close at N20.45k per share.

PZ Cussons grew by 70 kobo to settle at N9.70k per share, while Forte Oil went up by 20 kobo to finish at N19.20k per share.

GTBank increased by 15 kobo to end at N36 per share, while Zenith Bank also appreciated by 15 kobo to close at N24.15k per share.

On the flip side, Nigerian Breweries suffered a N1 loss at the stock exchange on Thursday, closing at N84 per share.

Julius Berger depreciated by 85 kobo to end at N20.50k per share, while Okomu Oil lost 25 kobo to finish at N75.50k per share.

Oando declined by 20 kobo to settle at N4.90k per share, while Ikeja Hotel also went down by 20 kobo to close at N1.85k per share.

A look at the major market indices showed that the All-Share Index (ASI) increased by 14.81 basis points to finish at 31,984.60 basis points, while the market capitalisation appreciated by N6 billion to settle at N11.677 trillion.

As usual, financial stocks dominated today’s trading session with a turnover of 649.9 million shares worth N14.8 billion, while equities in the conglomerates sector followed with a turnover of 9.9 million units sold for N14 million.

A total of 605.5 million units of Zenith Bank stocks valued at N14.5 billion were transacted on the floor of the NSE today.

This was followed by Transcorp, which traded 9.3 million shares worth N10.8 million, and FBN Holdings, which exchanged 7.3 million equities for N55 million.

FCMB sold 6.3 million shares valued at N9.5 million, while Africa Prudential moved 5.4 million equities worth N19.7 million.