Gain in banking shares lift NSE-ASI by 0.54%


By Kayode Tokede

Transactions in the Nigerian stock market on Thursday closed in the positive region to reverse previous day’s loss, as All-Share Index (ASI) increased by 0.54 per cent.

The price appreciation was buoyed by buy-interest in Banking and Industrial Goods sectors.

The All-Share Index (ASI) rose by 208.71 basis points, representing a growth of 0.54 per cent to close at 38,914.84 points.

The overall market capitalization value gained N109 billion to close at N20.360 trillion.

The market Year-to-Date (YTD) returns currently stands at -3.37per cent.

Sector performances were mixed with Banking (+4.40per cent) and Industrial (+0.16 per cent) sectors closing in the green, while the Consumer Goods (-0.24 per cent) and Oil & Gas (-0.13 per cent) sectors printed negatively.

Meanwhile, yesterday’s market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Guaranty Trust Bank, Zenith Bank, Dangote Sugar Refinery, Eterna and UAC of Nigeria (UACN).

Despite the positive trend seen in the market yesterday, analysts at Afrinvest Limited said “We expect a gain reversal in the last trading session of the week due to profit taking.”

The market breadth was positive, as 22 stocks gained, relative to 11 losers. Eterna recorded the highest price gain of 9.96 per cent to close at N5.08, per share. Lasaco Assurance followed with a gain 8.33 per cent to close at N1.30, while Zenith Bank gained 7.32 per cent to close at N22.00, per share.

Guaranty Trust Bank went up by 6.43 per cent to close at N29.80, while Dangote Sugar Refinery appreciated by 6.43 per cent  to close at N17.00, per share. On the other hand, Linkage Assurance and Wapic Insurance led the losers’ chart by 9.09 per cent each, to close at 50 kobo each, while Associated Bus Company  followed with a decline of 6.67 per cent to close at 28 kobo, per share.

Sterling Bank lost 6.37 per cent to close at N1.47, while Honeywell Flour Mill shed 5.60 per cent to close at N1.18, per share.

The total volume traded advanced by 727.8 per cent to 1.468 billion shares, worth N5.854 billion, and traded in 4,040 deals. Transactions in the shares of Unity Bank topped the activity chart with 1.001 billion shares valued at N700.691 million. Multiverse Mining and Exploration followed with 2000.187 million shares worth N40.037 million, while Guaranty Trust Bank traded 122.177 million shares valued at N3.553 billion.

Zenith Bank traded 32.841 million shares valued at N711.916 million, while FBN Holdings (FBNH) transacted 18.971 million shares worth N137.821 million.

Analysts at Investment research said, “The equities market closed up today due to the gains recorded in Banking and Industrial sectors.

“Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns and developments in the interest rate space.

“We reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon.”