Gains by Oil Shares Give Nigerian Stock Market 0.08% Lifeline

March 2, 2018
oil shares

By Dipo Olowookere

The Nigerian Stock Exchange (NSE) returned to the green territory on Friday after gains recorded by shares in the oil and gas sector lifted the market.

The local bourse slightly appreciated today by 0.08 percent, reversing the 1.12 percent loss posted yesterday, to nudge the year-to-date return forward to 12.11 percent.

Business Post reports that at the close of transactions on Friday, the All-Share Index (ASI) increased by 32.85 points to close at 42,876.23 points, while the market capitalisation went up by N28.2 billion to settle at N15.403 trillion.

Also, the volume and value of shares transacted today by investors on the floor of the NSE broadly appreciated, showing the confidence traders still have in the nation’s bourse.

A total of 403 million equities worth N9 billion were traded today in 4,738 deals in contrast to 371.3 million shares sold yesterday in 4,570 deals valued at N4.9 billion. This was buoyed by transactions recorded in the banking sector today.

Unlike the previous days, UBA emerged the most traded stock at the market on Friday, exchanging a total of 74.2 million units worth N977.4 million.

Zenith Bank followed with 44.3 million shares sold for N1.4 billion, while GTBank traded 38 million equities valued at N1.8 billion.

Transcorp transacted 24 million shares worth N47.8 million, while FBN Holdings sold 22 million equities valued at N248 million.

Business Post reports that by the time market activities wrapped up on Friday, the second trading day in the month of March 2018, Seplat emerged the highest price gainer, appreciating by N25.10k to close at N700.10k per share.

Total Plc added N11.50k to its share value to settle at N242.50k per share, while Presco rose by N2.75k to finish at N72.75k per share.

Furthermore, Lafarge appreciated by 90k to close at N51 per share, while NASCON increased by 85k to end at N23.80k per share.

However, it was a very bad day for Nestle as the stock went down by N42, emerging the heaviest loser at the market today to close at N1400 per share.

It was followed by Mobil, which depreciated by N7 to settle at N177 per share, and Guinness Nigeria, which fell by N5.20k to end at N99.70k per share.

PZ Cussons lost 85k to finish at N23.30k per share, while International Breweries declined by 65k to close at N57 per share.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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