Stock Market Upbeat as Index Rises by ₦69 Billion

Following price gains recorded by most bellwethers, transactions on the equities sector of the Nigerian Stock Exchange (NSE), reopened in upbeat yesterday, as market capitalisation appreciated by ₦69billion.
   
Specifically, at the reopening of transactions, after a one-day public holiday declared by the Federal government to mark the Eid-el Maulud celebration, the market capitalisation of listed stocks increased by 0.54 per cent to ₦12.878trillion from ₦12.809 trillion traded on Friday.
   
Similarly, the NSE All-Share Index also edged up by 141.90 basis points to 26456.39 from 26314.49 points last traded.
Investors exchanged 378.346 million shares valued at ₦7.150 billion in 4798 deals against 432.474 million shares valued at ₦5.578 billion in 4002 deals.

Analysts at Vetiva Dealing and Brokerage Limited said: “Barring negative price movement in large-cap stocks, we expect the market to continue its upward trajectory as the local bourse continues to experience positive/strong sentiment and renewed buying interest. However, the possibility of profit-taking on gains made in recent sessions cannot be ignored.”

Further review of Tuesday’s transactions showed that Cement Company of Northern Nigeria led the gainer’s table with ₦1.60 kobo to close at ₦19.10 kobo per share.

Dangote Cement industry followed with ₦1.40 kobo to close at ₦147.20 kobo, and Nigerian Breweries ₦0.70 kobo to close at ₦47.20 kobo, per share.

Access Bank added ₦0.35 kobo to close at ₦9.55 kobo, while UACN gained ₦0.30 kobo to close at ₦6.50 kobo, per share.
   
On the contrary, Lafarge Wapco recorded the highest loss during the day, shedding ₦0.55 kobo to close at ₦14.15 kobo, FBNHoldings trailed with a loss of 0.20 kobo to close at ₦5.60 kobo, per share.
 
Ecobank Transnational Incorporated fell ₦0.10 kobo to close at ₦6.90 kobo, and Ikeja Hotel down by ₦0.09 kobo to close at ₦0.88 kobo, while FCMB group declined by ₦0.06 kobo to close at ₦1.80 kobo, per share.
   
Zenith Bank Plc was the toast for investors and accounted for ₦86.545 million shares valued at ₦1.520 billion, Access Bank followed with ₦73.034 million shares worth ₦682.919 million.
   
Guaranty Trust Bank sold ₦37.134 million shares cost ₦1.058 billion, Nigerian Breweries ₦36.019 million shares worth ₦1.699 billion, while Fidelity Bank traded ₦17.706 million shares at ₦33.150 million.

By Helen Oji

The Guardian Newspaper November 13th, 2019

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