Access Bank, MTN Nigeria, 11 others push Equities Market By 0.08%

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Story by Kayode Tokede and Olabode Jegede

Price appreciation in Access Bank plc, MTN Nigeria plc shares and 11 others on the Nigerian Stock Exchange (NSE), on Tuesday trading pushed the All-Share Index (ASI) by 0.08 per cent.

The NSE ASI increased by 21.70 basis points, representing a growth of 0.08 per cent from 27,565.09 basis points it opened for trading to close at 27,586.79 basis points.

Specifically, the market capitalisation inched N11 billion or 0.08 per cent to close higher at N13,421 trillion as against N13.410 trillion on Monday.

The uptrend was impacted by gains recorded in large and medium capitalized stocks, amongst which are; International Breweries, Ecobank Transnational Incorporated, United Bank for Africa, UAC of Nigeria, and Lafarge WAPCO.

In spite of the marginal growth, analysts at Afrinvest Limited expected the bearish outlook on the equities market in the next trading sessions as investor sentiment remains weak.

Market breath closed negative, recording 13 gainers as against 18 losers while Year-Till-Date (YTD) loss settled at 12.2 per cent.

Activity level advanced as volume traded rose 164 per cent to 294.4 million units while value traded increased by 123.9 per cent to N3.49 billion respectively.

The top traded stocks by volume were UAC Property Development Company (61.7 million units), Access Bank (55.1 million units) and Guaranty Trust Bank (52 million units) while Guaranty Trust Bank (N1.4 billion), MTN Nigeria  (N487.3 million), and Access Bank (N369.4 million) were the top traded stocks by value.

The Insurance index led gainers, up 1.8 per cent due to price appreciation in Continental Reinsurance (8.7 per cent) and Mutual Benefits Assurance (4.8 per cent).

The AFR-ICT and Industrial Goods indices followed closely, rising 0.6 per cent and 0.1 per cent respectively, following gains in MTN Nigeria (1.1 per cent), Lafarge WAPCO (0.4 per cent) and Cutix (3.3 per cent).

Conversely, the Consumer Goods and Banking indices declined 0.4 per cent and 0.3 per cent respectively due to sell-offs in Nestle Nigeria (1.4 per cent), Flour Mills of Nigeria (1.5 per cent), Union Bank of Nigeria (5.7 per cent) and Guaranty Trust Bank (1.1 per cent).

Similarly, price depreciation in Oando (0.2 per cent) dragged the Oil & Gas index down by 0.2 per cent.

International Breweries recorded the highest price gain of 10 per cent to close at N11 per share. Cornerstone Insurance came second with a gain of 8.70 per cent to close at 25 kobo, while Continental Reinsurance appreciated by 8.67 per cent to close at N1.63 per share.

Ecobank Transnational Incorporated went up by 5.48 per cent to close at N7.70, while Mutual Benefits Assurance appreciated by 4.76 per cent to close at 22 kobo per share.

Conversely, Tripple Gee & Company led the losers’ chart with a loss of 9.52 per cent, to close at 57 kobo per share. Sterling Bank followed with a decline of eight per cent to close at N2.30, while UAC Property Development Company shed 6.82 per cent to close at 82 kobo per share.

Lasaco Assurance dipped 6.67 per cent to close at 28 kobo, while Union Bank of Nigeria dropped 5.71 per cent to close at N6.60 per share.