NSE Sustains Gains by 0.19% Amid Low Trading Activity

By Dipo Olowookere

The positive momentum on the floor of the Nigerian Stock Exchange (NSE) continued on Thursday as the market closed 0.19 per cent higher.

This was despite the low trading activity witnessed during the session as the number of deals, volume of traded stocks and value went down by 5.54 per cent, 54.67 per cent and 45.21 per cent respectively.

A total of 173.7 million shares worth N2.1 billion were traded in 3,646 deals yesterday compared with the 383.3 million stocks worth N3.9 billion transacted in 3,860 deals the previous day.

The news of the injection of N25 billion into First Bank of Nigeria by its parent company, FBN Holdings, seems to have spurred investors to pick interest in the stocks.

On Thursday, the shares were the most active as investors bought and sold 29.8 million units valued at N150.3 million.

GTBank traded 12.2 million shares for N312.6 million, Custodian Investment transacted 12.9 million equities valued at N64.3 million, Transcorp sold 10.8 million stocks worth N6.7 million, while Lafarge Africa exchanged 10.0 million stocks for N116.6 million.

Business Post reports that the market breadth finished positive yesterday by 2x with a total of 20 price gainers and 10 price losers.

Seplat continued its bull run during the session with a price appreciation of N29 to close at N350 per share, while Stanbic IBTC gained N1.50 to finish at N33 per unit.

MTN Nigeria appreciated by 50 kobo to sell for N118.50 per unit, Guinness Nigeria rose by 50 kobo to N13.50 per share, while NASCON improved by 40 kobo to N10 per share.

At the other side, BUA Cement ended the day as the heaviest price loser, depreciating by 70 kobo to settle at N39.50 per share.

Union Bank lost 40 kobo to close at N5 per share, Flour Mills went down by 20 kobo to N19.20 per unit, May & Baker declined by 10 kobo to N2.80 per share, while Learn Africa lost 7 kobo to settle at 94 kobo per unit.

At the market yesterday, the energy sector gained 4.36 per cent, while the banking space rising by 0.14 per cent, with the consumer goods index appreciating by 0.09 per cent.

However, the industrial goods sector went down by 0.67 per cent, while the insurance counter depreciated by 0.02 per cent.

For the All-Share Index (ASI), it improved by 48.30 points to 24,930.34 points from 24,882.04 points, while the market capitalisation reached the N13 trillion region once again after increasing by N25 billion to N13.005 trillion from N12.980 trillion.