Bellwethers lift NSE’s index further by 0.77 per cent

Bellwethers lift NSE’s index further by 0.77 per cent
Nigerian Stock Exchange

Following sustained interest in most high cap stocks, transactions on the equities sector of the Nigerian Stock Exchange (NSE), continued in an upbeat yesterday, causing the All-Share Index (ASI) to rise further by 0.77 per cent.

At Thursday trading, the ASI increased by 183.48 absolute points or 0.77 per cent to close at 23,892.92 points. Also, the overall market capitalisation gained N85billion to close at N12.441trillion.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Nestle Nigeria, Dangote Cement, Guaranty Trust Bank, Zenith Bank and Fidson Healthcare.

Analysts at Afrinvest Limited, said: “We expect the domestic equities market to close the week on a bearish note.”

Similarly, Vetiva Capital said: “In the absence of any negative event capable of depressing market sentiment, we expect today’s bullish performance to filter into tomorrow session, though the market remains soft in face of global challenges as well as the weak macro-economic environment.”

Consequently, market breadth closed positive, recording 18 gainers against 14 losers. Fidson Healthcare recorded the highest price gain of 9.62 per cent to close at N2.62 per share.

NPF Microfinance Bank followed with 9.46 per cent to close at N1.62, while May and Baker Nigeria rose 5.78 per cent to close at N3.11, per share.

FCMB Group edged up 5.26 per cent to close at N1.80, and Regency Alliance Insurance appreciated five per cent to close at 21 kobo, per share.

On the other hand, Custodian Investment led the losers’ chart by 9.52 per cent to close at N5.70, per share. Unity Bank followed with 8.33 per cent to close at 44 kobo.

Aiico Insurance fell 7.53 per cent to close at 86 kobo per share, and NEM Insurance lost 7.41 per cent to close at N2.00, while Linkage Assurance shed 6.82 per cent each to close at 41 kobo, per share.

The total volume traded rose 14.8 per cent to 182.740 million shares worth N2.329billion, traded in 4,542 deals. Transactions in the shares of Zenith Bank topped the activity chart with 27.280 million shares valued at N413.342million.

Guaranty Trust Bank followed with 24.616 million shares worth N540.71million, while FBN Holdings traded 18.842 million shares valued at N92.815million.

Custodian Investment traded 15.219 million shares valued N95.396million, and Fidson Healthcare transacted 11.409 million shares worth N27.235million.

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