Nigerian Stocks Sustain Growth by 0.31% Despite More Price Losers
By Dipo Olowookere
Transactions on the floor of the Nigerian Stock Exchange (NSE) remained bullish on Tuesday despite the market printing more price losers than gainers.
A total of 14 equities depreciated in value during the session compared with nine price risers. The performance of these gainers sustained market growth by 0.31 per cent at the close of business.
Consequently, the All-Share Index (ASI) increased by 80.55 points to 25,654.90 points from 25,574.35 points, while the market capitalisation grew by N42 billion to N13.408 trillion from N13.366 trillion.
Business Post observed that the market was quite busy yesterday and this could be attributed to renewed interest in the market by retail investors, who are again seeing value in the investment tool.
A total of 262.0 million shares worth N4.4 billion exchanged hands in 3,254 deals compared with the 196.1 million shares worth N1.7 billion traded in 3,542 deals the previous day.
This indicated a 33.61 per cent increase in the volume of shares traded by investors, a 154.61 per cent rise in the value of the transactions and an 8.13 per cent decline in the number of deals.
Further analysis of the activity chart showed that Zenith Bank was investors’ darling yesterday, emerging the most active after trading 45.9 million stocks worth N766.3 million.
FBN Holdings dropped to the second spot after trading 24.1 million shares valued at N119.5 million, Transcorp sold 21.0 million equities worth N12.6 million, FCMB transacted 20.5 million shares for N42.3 million, while GTBank traded 20.3 million units worth N516.4 million.
A look at the price movement chart showed MTN Nigeria leading with a price appreciation of N2.90 to quote at N123 per share and was trailed by Red Star Express, which gained 29 kobo to sell for N3.25 per unit.
Dangote Sugar appreciated by 10 kobo to settle at N12.10 per unit, FBN Holdings grew by 10 kobo to close at N5 per share, while Trans-Nationwide Express gained 7 kobo to close at 82 kobo per unit.
At the other end, Presco topped the losers’ log after shedding 40 kobo to close at N49.50 per share and was followed by Union Bank, which depreciated by 35 kobo to settle at N5 per unit.
Dangote Cement decreased in value by 30 kobo to finish at N134.70 per unit, International Breweries lost 10 kobo to end at N3.30 per share, while UAC Nigeria dropped 10 kobo to close at N6.30 per unit.