NSE sustains growth as AII-Share Index gains 1.29 per cent

Festus Okoromadu

The Nigerian Capital market today sustained its gaining streak on the back of continued and active bargain hunting for equities. The market capitalization of the 187 first-tier equities increased by N120.65 billion to close at N9.49 trillion compared with N9.37 trillion recorded in the preceding session when a gain of N34.44 billion was recorded.

At the close of the trading session for the day, the NSE AII-Share appreciated by 1.29 per cent to close at 29,686.95 basis points as against a growth of 0.37 per cent recorded in the previous day’s trading session which closed at 29,309.70 basis points.

A total of 50 equities posted gains at the close of trading, higher than 39 equities recorded during the preceding session, while only eight equities recorded losses as against 15 in the previous day. Some market analysts are of the view that recent developments in the market are positive and healthy.

The stock of UBA Plc led the gainers’ list recording 9.83 per cent price gain having added N0.59 to close at N6.59 up from N6.00 it opened trading in the beginning of the day. It was closely followed by Sterling Bank Plc with 8.64 per cent price gain, adding N0.19 to its share price to close at N2.39 as against its opening price of N2.20 per share. Next in the hierarchy of gainers for the day was Red Star Express with 8.33 per cent which translated to N0.25 price hike to close at N3.25 against the opening price of N3.00.

The list of 10 top gainers includes Academy Press Plc, Diamond Bank Plc, Fidelity Bank Plc, NASCON Plc, Dangote Flour Plc, FCMB Plc and AIICO Plc. The losers table was topped by the stocks of CUTIX, BOCGAS, UTC, and John Holt Plc with 5, 4.88, 4.82 and 4.68 per cent price depreciation respectively. Others are Unilever Plc, UBN Plc, Berger Paints Plc, and Ashaka Cements Plc, which shed 2.22, 1.13, 0.77 and 0.05 per cent of their share price in that order.

The five NSE sectorial Indices closed in the positive even as the NSE 30 which measures the performance of blue chips also closed positively rising by 1.38 per cent. The NSE Oil & Gas Index appreciated by 1.07 per cent just as the NSE Food & Beverage Index by 0.73 per cent. The NSE Insurance Index gained 1.93 per cent while the NSE Banking Index rose by 2.96 per cent even as the NSE LII added 0.23 per cent.

In terms of transaction volume, the Financial sectors continued in its lead by exchanging 734,21 million units valued at N3.95 billion in 4,987 deals against 397.76 million units valued at N2.76 billion exchanged in 4,377 deals recorded in the preceding session.

The upbeat volume recorded in the sector was driven by transactions in the equities of Abbey Building Society Plc, Diamond Bank Plc, UBA Plc, Fidelity Bank Plc and Skye Bank Plc. The five stocks traded 233.14 million units valued at N2.76 billion representing 58.61 percent of the entire market volume and 37.54 percent of the market’s value.