Insurance, Energy Stocks Boost Market by N80bn

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By Dipo Olowookere

The bullish trend at the Nigerian Stock Exchange (NSE) was sustained at the last trading session of the month of April 2020.

Gains posted by equities in the insurance and energy sectors further strengthened the market last Thursday by 0.67 percent.

The 1.22 percent and 1.04 percent growth printed by the insurance and oil/gas sector respectively erased the losses recorded by the industrial goods (0.47 percent), banking (0.37) and consumer goods (0.23).

At the close of transactions, the All-Share Index (ASI) increased by 152.61 points to 23,021.01 points from 22,868.40 points. Also, the market capitalisation increased by N80 billion to N11.998 trillion from N11.918 trillion.

Business Post reports that the bulls dominated the market at the session through 21 stocks, which appreciated in value. There were only 13 price losers.

MTN Nigeria led the gainers’ chart with a price appreciation of N4.60 to settle at N112 per unit. Ardova was second on the log with a price growth of N1.05 to finish at N11.55 per unit.

Lafarge Africa gained 30 kobo to sell at N11.80 per share, Access Bank appreciated by 25 kobo to trade at N6.60 per share, while International Breweries garnered 20 kobo to quote at N5 per share.

On the losers’ table, Nigerian Breweries dominated with a price depreciation of N1.05 to trade at N30 per unit.

BUA Cement depreciated by 40 kobo to sell at N32.60 per unit, Zenith Bank declined by 40 kobo to close at N14.30 per share, Guinness Nigeria lost 10 kobo to trade at N18.40 per share, while GTBank shed 10 kobo to sell at N21 per unit.

The level of activity improved last Thursday as the total number of trades increased by 29.57 percent to 359.5 million from 277.4 million, while the value of transactions rose by 27.87 percent to 3.3 billion from N2.6 billion, with the number of deals growing by 10.80 percent to 4,946 from 4,464.

A breakdown of the transactions showed that Access Bank was investors’ delight as the bank’s stocks sold 64.6 million units worth N421.5 million.

FBN Holdings exchanged 62.9 million shares valued at N289.5 million, GTBank transacted 36.1 million units for N759.5 million, FCMB transacted 35.2 million stocks worth N61.8 million, while Zenith Bank traded 25.6 million equities valued at N372.0 million.

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