Stock market recovers from losses as index rises

Stock market recovers from losses as index rises
Nigerian Stock Exchange

The equities segment of the Nigerian Stock Exchange, on Wednesday, pared some of the losses it recorded on Tuesday on the back of price appreciation by 15 stocks led by Transnational Corporation of Nigeria Plc.

Other top gainers at the close of trading included FBN Holdings Plc, Diamond Bank Plc, PZ Cussons Nigeria Plc, Portland Paints & Products Nigeria Plc and Nestle Nigeria Plc.

The NSE All-Share index rose to 25,331.77 basis points on Wednesday from 25,207.07 bps the previous day while the market capitalisation increased by N43bn to close at N8.765tn.

A total of 322.296 million shares worth N1.526bn in 2,907 deals were traded by investors on the floor of the Exchange on Wednesday, compared to 254.959 million shares valued at N2.449bn in 2,854 deals the previous day.

The share price of Transcorp appreciated by 8.54 per cent to close at N0.89, while that of FBN Holdings rose by 7.74 per cent to close at N3.62.

Diamond Bank gained 4.94 per cent to close at N0.85 per share, while PZ Cussons Nigeria increase by 4.57 per cent to close at N14.64 per share.

Portland Paints & Products Nigeria was up 3.85 per cent to close at N1.89 per share, while Nestle’s share price grew by 3.01 per cent to close at N756.

The losses recorded by Honeywell Flour Mills Plc and 12 other stocks on Wednesday were unable to make the market finish lower.

Honeywell Flour Mills shed 9.26 per cent to close at N0.98 per share, while Okomu Oil Palm Plc lost 5.01 per cent to close at N49.88 per share.

The share prices of Livestock Feeds Plc, United Capital Plc, Continental Reinsurance Plc and Cadbury Nigeria Plc fell by 4.92 per cent, 3.45 per cent, 2.4 per cent and 1.69 per cent respectively to close at N0.58, N2.8, N1.22, and N9.3.

Analysts at Afrinvest Securities Limited said, “The selloffs recorded in previous sessions triggered bargain hunting today (Wednesday) and we expect this to persist in tomorrow’s (Thursday) trading session. However we do not rule out profit taking at the end of the week.”

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