Stocks Gain N44bn as Mutual Benefits, FCMB Attract Investors

By Dipo Olowookere

Trading activities ended bullish on Tuesday at the nation’s stock market following sustained bargain hunting by investors.

The equity market improved during the session by 0.34 percent to shorten the year-to-date loss to 5.61 percent at the close of transactions.

Consequently, the All-Share Index (ASI) increased by 84.95 points to 25,335.15 points from 25,250.20 points, while the market capitalisation rose by N44 billion to N13.216 trillion from N13.172 trillion.

Business Post reports that trades on the floor of the Nigerian Stock Exchange (NSE) were buoyed on Tuesday by the huge interest in Mutual Benefits Assurance Plc.

The insurance stock was the most active, trading 99.5 million units valued at N20.9 million, while FCMB traded 21.9 million units for N37.7 million.

FBN Holdings transacted 17.9 million shares for N96.6 million, UBA exchanged 12.1 million stocks valued at N82.2 million, while Caverton traded 10.6 million equities valued at N26.1 million.

At the close of business, 265.4 million stocks worth N1.1 billion were traded in 4,054 deals in contrast to the 222.4 million shares worth N2.1 billion transacted in 4,503 deals the previous session.

At the market on Tuesday, there were 13 price gainers and 22 price losers.

BUA Cement topped the gainers’ chart with a price appreciation of N1.70 to sell at N43.20 per unit, while BOC Gas gained 41 kobo to trade at N4.51 per share.

Dangote Sugar grew by 40 kobo to quote at N14.95 per unit, Neimeth rose by 19 kobo to sell at N2.13 per share, while Prestige Assurance gained 6 kobo to settle at 70 kobo per unit.

Conversely, Mobil Nigeria dominated the losers’ log with a price depreciation of N21.30 to trade at N192.60 per share, while Fidson fell by 25 kobo to finish at N3 per share.

Red Star Express depreciated by 25 kobo to end at N3.56 per unit, FBN Holdings lost 15 kobo to quote at N5.35 per share, while Cadbury Nigeria decreased by 15 kobo to close at N7.50 per unit.

A look at the sectoral performance indicated that the industrial goods space gained 2.65 percent yesterday, while the insurance counter grew by 0.40 percent, with the consumer goods index up by 0.26 percent. However, the energy space declined by 2.26 percent, while the banking index fell by 0.20 percent.