Stocks Gain N98bn as Index Closes 0.72% Higher

September 29, 2020
Stock Market Newspaper

By Dipo Olowookere

The bullish run on the Nigerian Stock Exchange (NSE) was extended on Monday after the market closed 0.72 per cent higher on the back of the 188.37 points rise in the All-Share Index (ASI) to 26,507.84 points from 26,319.47 points.

During the session, stocks gained N98 billion, which pushed the market capitalisation to N13.853 trillion from N13.755 trillion.

This was supported by the high level of activity as investors showed confidence in the market, buying more equities for capital appreciation ahead of the forthcoming earnings season next month.

At the close of transactions, the trading volume increased by 0.32 per cent to 336.8 million from 335.7 million, while trading value dropped 5.80 per cent to N4.0 billion from N4.3 billion, with the number of deals rising by 8.77 per cent to 4,602 from 4,231.

Zenith Bank was investors’ delight on Monday, trading 89.5 million units worth N1.6 billion and was trailed by Sterling Bank, which traded 72.3 million units valued at N85.3 million.

UBA transacted 42.4 million shares worth N259.0 million, FCMB exchanged 27.9 million equities for N58.4 million, while GTBank traded 14.7 million shares for N396.2 million.

Business Post observed that the major sub-sectors of the market performed well yesterday, with the insurance index appreciating by 1.82 per cent.

The oil/gas index rose by 1.33 per cent, the industrial goods counter gained 0.53 per cent, the same as the consumer goods, while the banking space grew by 0.26 per cent.

The highest price gainer of the session was Total Nigeria, which gained N8 to settle at N88 per share, while MTN Nigeria appreciated by N2.50 to finish at N126.50 per unit.

Okomu Oil appreciated by N2 to sell for N80 per share, BUA Cement rose by N1.85 to close at N40.40 per unit, while Lafarge Africa gained 95 kobo to trade at N16 per unit.

At the other end, Seplat led the price losers chart after shedding N2 to close at N398 per unit, while May & Baker depreciated by 17 kobo to trade at N2.90 per unit.

Caverton lost 11 kobo to end at N1.73 per share, UAC Property went down by 10 kobo to 90 kobo per unit, while University Press fell by 9 kobo to N1.33 per share.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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