Buying Interest in Banking Stocks, Others Drive Index Above 29,000

By Dipo Olowookere

The All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) closed above 29,000 points on Wednesday after it appreciated by 1.58 per cent or 457.31 points to finish at 29,437.60 points as against Tuesday’s 28,980.29 points.

Buying interest mainly in consumer goods, energy and banking stocks contributed to the growth achieved during the session as their respective indices went up by 5.66 per cent, 2.14 per cent and 1.18 per cent.

These sectors were not the only gainers on Wednesday as the insurance sector appreciated by 1.52 per cent, while the industrial goods space rose by 1.12 per cent.

At the close of transactions, the market capitalisation increased by N239 billion to settle at N15.387 trillion compared with N15.148 trillion it closed the previous session.

Business Post reports that the market breadth ended positive with 41 price gainers and five price losers led by Cutix topping the chart after going down by 13 kobo to finish at N1.77 per share.

Africa Prudential declined by 5 kobo to settle at N5.85 per unit, Royal Exchange dropped 2 kobo to finish at 23 kobo per share, while May & Baker and Honeywell Flour depreciated by one kobo to close at N3.05 per share and 96 kobo per unit respectively.

On the gainers’ table, Nestle Nigeria, which moved up by N117.50 to finish at N1292.50 per share, while Total Nigeria gained N6.70 to close at N118.90 per share.

Dangote Cement grew by N3.30 to trade at N155.30 per unit, Conoil appreciated by N1.70 to close at N19.05 per unit, while Flour Mills jumped by N1.70 to N28.20 per share.

The trading volume went down today by 2.68 per cent to 375.2 million units from 385.6 million, while the trading value increased by 59.02 per cent to N4.6 billion from N2.9 billion, with the number of deals rising by 12.57 per cent to 5,947 from 5,283.

Zenith Bank was the most traded equity at the market on Wednesday after a total of 46.7 million units of the company’s stocks worth N1.0 billion exchanged hands.

Fidelity Bank traded 33.5 million shares for N76.1 million, Ecobank exchanged 27.5 million equities worth N157.0 million, Access Bank transacted 26.5 million shares valued at N206.0 million, while BUA Cement traded 25.0 million stocks worth N1.0 billion.