Investors gain N13.50bn amid improved market breadth

By Kayode Tokede

The Nigerian Stock Exchange (NSE) equities market closed trading activities on Thursday on a  positive note, extending the previous trading gain as investors’ investment up by N13.50 billion.

In summary, the All-Share Index (ASI) grew by 25.80 basis points, representing an increase of 0.07 per cent to close at 38,799.83 basis points, while the overall market capitalisation value gained N13 billion to close at N20.30 trillion.

Analysing by sectors, the Banking (+2.2 per cent), Insurance (+0.6 per cent), and Oil & Gas (+0.4 per cent) indices recorded gains, while the Consumer Goods (-0.2 per cent) index declined. The Industrial Goods index closed flat.

The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Okomu Oil, Zenith Bank, Guaranty Trust Bank, Oando and Access Bank.

Market sentiment, as measured by market breadth, was positive as 13 stocks gained, relative to 12 losers. Consolidated Hallmark Insurance recorded the highest price gain of 9.68 per cent to close at 34 kobo, per share. Japaul Gold and Ventures followed with a gain 9.43 per cent to close at 58 kobo, while Oando up by 5.16 per cent to close at N3.26, per share.

AIICO Insurance rose by five per cent to close at N1.26, while Zenith Bank appreciated by 3.81 per cent to close at N21.80, per share. On the other hand, Royal Exchange led the losers’ chart by 7.69 per cent, to close at 36 kobo, while Jaiz Bank followed with a decline of 6.06 per cent, to close at 62 kobo,  per share.

Honeywell Flour Mill shed 5.04 per cent to close at N1.13, while Daar Communications and Linkage Assurance depreciated by 4.76 per cent each, to close at 20 kobo and 80 kobo respectively, per share.

However, the total volume of trades decreased by 59.2 per cent to 145.332 million units, valued at N1.576 billion, and exchanged in 3,525 deals.

Transactions in the shares of FBN Holdings (FBNH)  topped the activity chart with 21.851 million shares valued at N157.179 million. Guaranty Trust Bank followed with 20.500 million shares worth N589.173 million, while Zenith Bank traded 17.584 million shares valued at N379.878 million.

Access Bank traded 8.596 million shares valued at N68.887 million, while Japaul Gold and Ventures transacted 7.580 million shares worth N4.339 million.

Analysts at Afrinvest Limited said “In the last trading session of week, we expect to see a mild reduction in the market gains as investors tilt a little towards the fixed income market.”