Local Stock Market Improves by N133b

By Dipo Olowookere

Transactions on the floor of the Nigerian Stock Exchange (NSE) maintained an upward trajectory on Friday by appreciating by 1.11 percent.

This was buoyed by the bargain hunting embarked upon by investors, who have been impressed with the positive Q3 earnings of companies quoted on the NSE.

At the close of business, investors were smiling after the N133 billion gain recorded by the local bourse.

A look at the performances of the sectors showed that industrial index recorded the highest growth after closing 2.64 percent higher.

The banking index gained 1.06 percent at the close of activities on Friday, while the oil and gas index appreciated by 0.62 percent.

However, the consumer goods sector suffered the heaviest loss after going down by 1.99 percent with the insurance sector trailing with 0.14 percent decline.

Business Post reports that the All-Share Index (ASI) increased yesterday by 362.27 points to finish at 32,907.33 points, while the market capitalisation grew by N133 billion to settle at N12.014 trillion.

The price movement chart on Friday showed that Dangote Cement topped the gainers’ log after growing by N10.50k to close at N211 per share.

It was followed by Julius Berger, which gained N2.15k to finish at N23.70k per share, and Ecobank, which rose by 75 kobo to end at N16.75k per share.

GTBank appreciated by 50 kobo to close at N37 per share, while Oando went up by 25 kobo to settle at N5.35k per share.

On the flip side, Nigerian Breweries ended the day as the top price loser after shedding N4.50k of its share value to close at N88 per share.

Guinness Nigeria depreciated by N3.60k to settle at N77 per share, while International Breweries declined by N1 to end at N31 per share.

UPDC Real Estate Investment Trust went down 90 kobo yesterday to finish at N8.10k per share, while Dangote Cement crashed by 60 kobo to settle at N7.35k per share.

Despite the gains posted by the local stock market on Friday, the volume and value of transactions recorded went down by 19.78 percent and 46.52 percent.

Specifically, the volume of traded equities dropped from 349.5 million to 280.3 million, while the value declined from N3.7 billion to N2 billion.

These trades, according to data from the stock market, were dominated by the Financial Services sector, which accounted for 247.1 million shares worth N1.2 billion.

A breakdown indicated that Sterling Bank emerged as the most active stock, trading 106.8 million units worth N147.4 million.

It was followed by FCMB, which sold 43.7 million shares valued at N68 million, and Fidelity Bank, which exchanged 18 million equities for N37.2 million.

Access Bank transacted 16.3 million shares worth N130.2 million, while Zenith Bank sold 14.1 million shares valued at N338.2 million.

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 dipo.olowookere@businesspost.ng

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