Nigerian Stock Market Indices Close 0.68% Higher

By Modupe Gbadeyanka

Transactions on the floor of the Nigerian Stock Exchange (NSE) closed 0.68 percent higher on Tuesday as a result of renewed bargain hunting by investors.

Business Post reports that the growth recorded by the stock market was mainly buoyed by banking stocks, which had its index appreciating by 2.62 percent yesterday.

While the All-Share Index (ASI) went up by 208.49 points to settle at 31,007.25 points, the market capitalisation increased by N76 billion to finish at N11.320 trillion.

Also, the market breadth, which closed positive on Tuesday, recorded a total number of 24 appreciating equities and 14 declining stocks.

GTBank was the biggest price gainer at the close of business with a rise of N1.30k or 3.75 percent to close at N35.95k per share.

Following was UBA, which added 50 kobo its share price to end at N8 per share, and Stanbic IBTC, which also grew by 50 kobo to settle at N46.55k per share.

Zenith Bank appreciated by 40 kobo to close at N24 per share, while FBN Holdings increased by20 kobo to quote at N7.60k per share.

On the flip side, it was not a nice day for Lafarge Africa as its stock went down by 60 kobo to settle at N12.80k per share.

Unilever Nigeria reduced by 40 kobo to end at N39.50k per share, while Nigerian Breweries also shed 40 kobo to quote at N80 per share.

May & Baker went down by 20 kobo to close at N2.30k per share, while Linkage Assurance lost 6 kobo to settle at 56 kobo per share.

But despite the gains, the volume and value of shares transacted on Tuesday decreased by 20.50 percent and 22.24 percent respectively.

The volume of equities depreciated to 198.5 million from 249.7 million, while the value declined to N2.1 billion from N2.7 billion.

During the session, the Financial Services sector led the activity chart with 171 million shares sold for N1.6 billion, while the Conglomerates sector followed with 9.7 million equities worth N12 million.

FBN Holdings was the most traded stock yesterday, recording a turnover of 63.9 million shares valued at N479.3 million.

Access Bank traded 23.2 million equities worth N172.9 million, while Ecobank sold 16.5 million shares valued at N263.6 million.

FCMB exchanged 11.9 million shares worth N18.5 million, while GTBank transacted 11.6 million units of its stock for N407.3 million.