Gains in banks, industrial goods shares, others push ASI by 1%


Story by Olabode Jegede

Price appreciation in listed Bank, Industrial Good shares, others on the Nigerian Stock Exchange (NSE) pushed the All-Share Index (ASI) by one per cent yesterday, reversing prior two days negative sentiment.

The ASI gained 274.57 basis points, representing an increase of one per cent to close at 27,681.61 basis points from 27,407.04 basis points it opened for trading.

Precisely, the Banking Index recorded highest gained on Wednesday, by three per cent and thanks to share price appreciation in Guaranty Trust Bank (4.6 per cent) and Stanbic IBTC (6.5 per cent).

The Industrial Goods index followed closely, rising 0.9 per cent, following gains in Lafarge Wapco (4.1 per cent) and Cutix (10 per cent) while gains in MTN Nigeria (0.1 per cent) pushed the AFRI-ICT up by 0.4 per cent.

In the same vein, the Consumer Goods and Insurance indices rose 0.4 per cent and 0.3 per cent respectively due to buying interest in Nestle Nigeria (1.4 per cent), Flour Mills of Nigeria (1.5 per cent), Wapic Insurance (8.8 per cent) and Continental Reinsurance (2.2 per cent) respectively.

On the flip side, price depreciation in Forte Oil (2.2 per cent) and Oando (0.5 per cent) dragged the Oil & Gas index down by 0.2 per cent, making it the lone loser.

Consequently, Market statistics obtained by the Nigerian NewsDirect showed that the market capitalisation, which opened trading at N13.342 trillion gained N133.66 billion or one per cent to close trading at N13.475 trillion.

Market breadth closed positively, recording 24 gainers as against 13 losers while Year-Till-Date (YTD) loss eased to 11.9 per cent from 12.8 per cent.

Analysts at Afrinvest Limited said, “In the absence of any major stimulus, we expect a bearish performance for the rest of the week. Nonetheless, we see opportunities for bargain hunting in stocks with sound fundamentals.”

Activity level strengthened as volume and value traded advanced 91.9 per cent and 84.4 per cent to 378.8 million units and N5.4 billion respectively.

The top traded stocks by volume were Guaranty Trust Bank (98.4 million units), Access Bank (40.7 million units) and FBNH (40.1 million units) while the top traded stocks by value were Guaranty Trust Bank (N2.8 billion), Stanbic IBTC (N388.2 million) and Access Bank (N314.5 million).

The top gainers were Cutix (10 per cent), Ecobank Transnational Incorporated (10 per cent) and University Press (9.5 per cent) while the top losers were Champion Breweries (8.8 per cent), R.T. Briscoe Nigeria (6.9 per cent) and Lasaco Assurance (6.7 per cent).


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