NSE Index Sustains Growth on Gains by Financial Stocks

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By Dipo Olowookere

Customs Street in Lagos consolidated its gains on Wednesday after further rising by 0.61 percent at the close of transactions.

This was helped by the buying interests witnessed in the financial stocks, which led to the insurance sector closing 2.77 percent higher, while the banking counter grew by 1.70 percent.

Business Post reports that the consumer goods index appreciated by 0.82 percent, while the industrial goods sector improved by 0.37 percent. Only the oil and gas sector closed in the negative territory, losing 0.68 percent.

For the benchmark index, the All-Share Index (ASI), it went up by 160.43 points to 26,415.54 points from 26,255.11 points, while the market capitalisation expanded by N84 billion to N13.765 trillion from 13.681 trillion.

A look at the activity chart showed a weakness as the volume of stocks traded by investors reduced by 20.67 percent to 307.7 million from N387.9 million, while the value of shares bought and sold by market participants decreased by 44.74 percent to N2.8 billion from N5.1 billion, with the number of deals executed at the session went down by 9.83 percent to 4,419 from 4,901.

FBN Holdings was the most active stock yesterday, trading 50.3 million units worth N279.8 million, while Zenith Bank sold 49.4 million shares valued at N966.3 million.

UBA exchanged 32.4 million stocks worth N224.6 million, GTBank transacted 24.8 million shares valued at N616.3 million, while Transcorp exchanged 20.1 million equities for N17.1 million.

A total of 22 stocks appreciated at the midweek session, higher than the 10 price losers. Nigerian Breweries topped the gainers’ chart after a price growth of N1.80 to close at N42.30 per unit.

UAC Nigeria rose by 70 kobo to N8.80 per share, Access Bank gained 55 kobo to settle at N9 per unit, FBN Holdings advanced by 50 kobo to N5.65 per share, while Ecobank improved its share value by 50 kobo to N5.90 per unit.

On the flip side, Ardova Plc topped the losers’ log after going down by N1.70 to N15.30 per share, while Africa Prudential trailed with a price depreciation of 5 kobo to finish at N4.80 per unit.

NAHCO went down by 5 kobo to close at N2.50 per share, Lafarge Africa also lost 5 kobo to end at N13.90 per unit, while Law Union and Rock Insurance fell by 4 kobo to close at 96 kobo per share.

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