Investors Gain N20bn Despite Financial Stocks’ Scare

By Dipo Olowookere

Despite the selloffs witnessed in the financial services sector of the Nigerian Stock Exchange (NSE) on Wednesday, investors managed to gain N20 billion from the market.

The gains came from consumer goods equities, helping the market to rise by 0.15 per cent, thereby reducing the year-to-date loss of the exchange to 5.63 per cent at the close of business.

As a result, the All-Share Index (ASI) increased by 38.32 points to 25,330.10 points from 25,291.78 points, while the market capitalisation went up by N20 billion to N13.215 trillion from N13.195 trillion.

For the performance of the key sub-sectors of the market, only the consumer goods counter closed in green at the midweek trading session, up by 0.16 per cent.

The insurance sector fell by 0.92 per cent, the banking space depreciated by 0.03 per cent, while the energy and industrial goods indices closed flat.

There were 24 price gainers yesterday as against eight price decliners led by Africa Prudential, which lost 30 kobo to finish at N4.20 per share, while Custodian Investment followed with a price depreciation of 10 kobo to close at N4.80 per unit.

UBA declined by 10 kobo to sell for N6.45 per unit, Cornerstone Insurance went down by 6 kobo to trade at 56 kobo per share, while Cadbury Nigeria fell by 5 kobo to quote at N7.75 per share.

On the gainers’ chart, Stanbic IBTC occupied the top spot after adding N1.55 to its share price to close at N36.05 per unit and was trailed by Northern Nigerian Flour Mills, which gained 40 kobo to trade at N4.50 per share.

UAC Nigeria grew yesterday by 35 kobo to sell for N5.75 per share, Vitafoam appreciated by 29 kobo to quote at N5.44 per unit, while Guinness Nigeria appreciated by 20 kobo to trade at N15.50 per unit.

A total of 180.7 million shares worth N1.4 billion exchanged hands on Wednesday in 3,411 deals as against the 251.3 million stocks valued at N1.2 billion transacted the previous day in 3,713 deals, indicating a 15.98 per cent rise in the trading value and 28.09 per cent and 8.13 per cent drop in the trading volume and number of deals respectively.

Investors’ darling at the equities market yesterday was Fidelity Bank as it was the most traded stock, transacting 26.6 million units valued at N47.3 million.

UBA exchanged 19.5 million units worth N126.0 million, Access Bank traded 19.0 million equities for N121.3 million, FBN Holdings transacted 17.8 million stocks worth N89.2 million, while Zenith Bank traded 10.2 million shares valued at N172.8 million.