Index Gains 0.58% as Diamond Bank Drives Trading on NSE

By Dipo Olowookere

Transactions on the floor of the Nigerian Stock Exchange (NSE) further maintained a positive trajectory on Tuesday as a result of renewed confidence of investors on the local market.

The hunt for stocks with the potentials of yielding good returns in the next days was witnessed during the trading session, leading to the 0.58 percent rise the stock market recorded yesterday to further shrink the year-to-date loss to 4.11 percent.

At the close of business, the All-Share Index (ASI) appreciated by 172.74 points to settle at 30,137.53 points, while the market capitalisation increased by N65 billion to close at N11.239 trillion.

As earlier stated, there were more buying interests during the day’s session, leading to the 126.60 percent in the volume of shares traded and 199.13 percent growth in the value of equities transacted at the market.

A total of 300 million shares worth N3.3 billion were exchanged on Tuesday compared with the 132.4 million equities worth N1.1 billion traded on Monday.

Diamond Bank dominated Tuesday’s trading, closing with a turnover of 100.7 million units traded for N209 million.

It was followed by GTBank, which sold 39.4 million shares worth N1.3 billion, and UBA, which exchanged 26.2 million units for N191.3 million.

FBN Holdings traded 23.4 million equities valued at N171.9 million, while Zenith Bank transacted 21.1 million shares worth N463 million.

Business Post reports that at the end of the day, a total of 220.4 million units of banking stocks worth N2.4 billion exchanged hands in 1,520 deals yesterday.

On the price movement chart, CCNN emerged the biggest gainer, adding N2 to its share value to close at N22 per share.

Stanbic IBTC rose by N1.35k to end at N47.50 per unit, while C&I Leasing appreciated by 75 kobo to finish at N9.04k per share.

Dangote Sugar grew by 55 kobo to settle at N14.55k per share, while Oando gained 25 kobo to close at N4.55k per share.

Conversely, it was a bad day for Total Nigeria as the company’s shares went down by N5.20k to close at N195 per unit.

Newrest ASL declined by 75 kobo to finish at N7.15k per share, while Guinness Nigeria fell by 25 kobo to settle at N64.75k per unit.

UPL lost 10 kobo yesterday to finish at N1.90k per share, while Neimeth depreciated by 6 kobo to quote at 64 kobo per unit.