Investors Trade N2.9bn Stocks as NSE Index Rises 0.29%
By Dipo Olowookere
There was an improvement in the level of activity at the Nigerian Stock Exchange (NSE) as the low prices of equities attracted investors to the market.
This led to the 49.47 percent increase in the volume of trades, 19.65 percent growth in the value of transactions and 28.04 percent rise in the number of deals executed by market participants.
At the market yesterday, a total of 331.0 million stocks valued at N2.9 billion exchanged hands in 5,544 deals compared with 221.4 million equities worth N2.5 billion transacted in 4,330 deals at the previous session.
These trades were mainly from the banking and industrial goods sector. Access Bank was the most attractive to investors, trading 83.6 million units worth N522.8 million.
Zenith Bank traded 54.9 million shares valued at N842.9 million, Sterling Bank transacted 33.7 million equities for N43.4 million, FBN Holdings exchanged 20.5 million shares valued at N101.1 million, while Lafarge Africa traded 16.2 million units for N182.8 million.
Business Post reports that bargain hunting witnessed yesterday lifted the market by 0.29 percent and pushed the All-Share Index (ASI) higher by 70.42 points to 23,941.75 points from 23,871.33 points. It also increased the market capitalisation by N481 billion to N2.929 trillion from N2.448 trillion.
A look at the sectoral performance showed that the gains of yesterday were boosted by industrial goods, which grew by 0.94 percent, and the banking sector, which rose by 0.51 percent.
The consumer goods index fell on Monday by 1.41 percent, insurance counter lost 1.08 percent, while the oil/gas space depreciated marginally by 0.08 percent.
On the price movement chart, there were 25 price gainers and 13 price losers, with Okomu Oil closing as the highest price gainer with a price appreciation of N5.50 to settle at N60.55 per share.
MTN Nigeria grew by N1.50 to close at N111 per unit, Unilever Nigeria gained N1 to sell at N13.70 per share, Lafarge Africa appreciated by 65 kobo to quote at N11.35 per unit, while GlaxoSmithKline improved by 45 kobo to trade at N6.80 per unit.
On the losers’ chart, Guinness Nigeria led the log with a price depreciation of 50 kobo to settle at N17 per share, while May & Baker declined by 12 kobo to sell at N3 per unit.
Ecobank went down by 10 kobo to sell at N4.90 per share, Fidelity Bank deflated by 6 kobo to N1.74 per share, while FBN Holdings decreased by 5 kobo to quote at N4.90 per unit.