Gain in Bank, Consumer Goods shares, others push ASI by 1.01%

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Story by Olabode Jegede

Price appreciation in listed Banks and Consumer goods shares, others on the Nigerian Stock Exchange (NSE) pushed the All-Share Index (ASI) by 1.01 per cent at the close of Thursday trading.

The NSE ASI increased by 276.72 basis points, representing a growth of 1.01 per cent to close at 27,629.66 basis points from 27,352.94 basis points it opened for trading.

The market capitalisation, which opened trading at N13.307 trillion, gained N134.62 billion or 1.01 per cent to close trading at N13.442 trillion

Precisely, the Banking Index recorded highest gained yesterday and thanks to share price appreciation in Guaranty Trust Bank Plc, United Bank for Africa Plc Access Bank Plc, Zenith Bank Plc, and Ecobank Transnational Incorporated.

Gain in the above banks share lifted the Banking index by 2.5 per cent while the AFR-ICT index gained 0.9 per cent due to sustained interest in MTN Nigeria (1.5 per cent).

Similarly, the Consumer and Industrial Goods indices rose by 0.8 per cent and 0.7 per cent respectively, following price appreciation in Nestle Nigeria (1.7 per cent), Nigerian Breweries (1.2 per cent), Cement Company Northern Nigeria (2.8 per cent) and Dangote Cement (0.6 per cent). The Insurance index also advanced by 0.6 per cent due to buying interest in WAPIC Insurance (8.8 per cent) and AIICO Insurance (3.1 per cent).

The Oil & Gas index was the lone loser, declining 0.3 per cent due to price depreciation in MRS Oil (9.8 per cent) and Oando (1.3 per cent).

Market breath closed positive, recording 22 gainers as against 13 losers while Year-Till-Date (YTD) loss contracted to 12.1 per cent from 12.97 per cent.

However, activity level declined as volume and value traded dipped by 25.1 per cent and 0.4 per cent respectively to 272.6 million units and N4.5 billion.

The most active stocks by volume were Zenith Bank (54.3 million units), Guaranty Trust Bank (38.2 million units) and Transnational Corporation of Nigeria (32.1 million units) while Guaranty Trust Bank (N1 billion), Zenith Bank (N977.5 million) and Nestle Nigeria (N897.5 million) led by value.

Analysts at Afrinvest Limited said that, “We expect the market to remain bearish as the broader investor sentiment in the economy remains weak.”

Eterna topped the gainers’ chart with 10 per cent to close at N2.75 while Ecobank Transnational Incorporated followed suit with 9.49 per cent to close at N7.50 per share. WAPIC Insurance advanced with 8.82 per cent to close at N0.37 as Jaiz Bank acquired 5.41 per cent to close at 39 kobo per share.Also, the share price of Honyewell Flour Mills appreciated by 4.90 per cent to close at N1.07 per share.

On the other hand, University Press and NCR Nigeria led the losers’ chart, dipping by 10 per cent to close at N1.44 and N4.95 per share. MRS Oil Nigeria followed with a loss of 9.83 per cent to close at N18.80, while Okomu Oil Palm Company trailed with a loss of 9.78 per cent to close at N40.15. FCMB Group shed 10 per cent to close at N1.60 per share.

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