Dipo Olowookere
By Dipo Olowookere
Transactions on the floor of the Nigerian Stock Exchange (NSE) further closed positive on Tuesday after a 0.14 percent growth.
The upward trajectory was sustained by bargain hunting as investors anticipate positive earnings news and dividend windfall.
The expectation of impressive 2018 financial results of some listed fundamentally sound companies helped the All-Share Index (ASI) grow by 43.72 points yesterday to finish at 32,173.66 points, while the market capitalisation appreciated by N16 billion to settle at N11.998 trillion.
Business Post reports that despite the local bourse closing higher on Tuesday, the market breadth finished negative with 14 price gainers against 17 price losers.
NASCON topped the gainers’ chart after adding 80 kobo to its share price to finish at N20 per share.
It was followed by Dangote Flour, which gained 60 kobo to close at N11 per unit, and GTBank, which appreciated by 40 kobo to end at N37.60k per share.
Union Bank closed 30 kobo higher to settle at N7 per unit, while Zenith Bank garnered 20 kobo to finish at N24.70k per share.
On the other hand, Dangote Cement finished as the biggest price loser yesterday, losing N1 to settle at N196 per share.
Red Star Express declined by 50 kobo to close at N5 per share, while UAC of Nigeria, Caverton and Custodian Investment lost 15 kobo each to finish at N8.10k, N2.30k and N5.90k apiece.
A look at the sectoral performance showed that only the banking and consumer goods indices closed green by 0.92 percent and 0.25 percent respectively.
The insurance index dropped 0.27 percent, the oil and gas index lost 0.12 percent, while the industrial index declined by 0.25 percent.
On the activity chart, the total volume and value of stocks transacted on the floor of the exchange yesterday rose significantly by 75.45 percent and 32.49 percent respectively.
The volume of shares traded jumped from 228.5 million to 400.9 million, while the value increased to N3.5 billion from N2.6 billion.
These trades were buoyed by the high level of transactions around Diamond Bank, with a turnover of 199.8 million units sold for N299.3 million.
FBN Holdings traded 44.4 million shares worth N359 million, while UBA exchanged 40.8 million units for N314.5 million.
GTBank traded 32.5 million equities worth N1.2 billion, while Zenith Bank exchanged 24.4 million share valued at N605 million.
