Improved corporate result lifts NSE indices by N112b

Improved corporate performance yesterday lifted transactions on the equity sector of the Nigerian Stock Exchange (NSE), as most blue chip stocks, especially, Mutual Benefit Assurance, and Seplat appreciated in price, causing market capitalisation to rise by N112billion.

The sustained bargain activities, following investors’ favourable response to companies’ positive half year results that trickled in, yesterday impacted on the market breadth, which closed positive with 31 gainers versus 22 losers

Specifically, the All Share Index (ASI) gained 309.08 absolute points, representing a growth of 0.84 per cent to close at 36,946.05 points.

Similarly, the market capitalisation gained N112billion to close at N13.384trillion.

The increase was impacted by gains recorded in medium and large capitalised stocks, amongst which were Seplat Petroleum Development Company, Northern Nigeria Flour Mills, Stanbic IBTC Group, Forte Oil, and Nestle Nigeria.

Analysts at United Capital Plc, said: “This week, we expect investors to hunt for more bargain in banking stocks ahead of their second quarter 2018 corporate earnings release.

Also, we do not rule out the possibility of profit taking activities later in the week.”

Mutual Benefit Assurance, and Seplat recorded the highest price gain of 10 per cent each, to close at 33kobo and N687.50 per share, respectively.

Northern Nigeria Flour Mills gained by 9.92 per cent to close at N7.20, while Neimeth International Pharmaceuticals, and Oando rose by 9.52 per cent each, to close at 46kobo and N5.75 per share, respectively.

On the other hand, Conoil and Pharma Deko led the losers’ chart by 10 per cent each, to close at N24.30 and N1.98 respectively, while Med-View Airlines followed with a loss of 9.81 per cent to close at N1.93 per share.

Red Star Express shed 9.68 per cent to close at N5.60, while Transcorp Hotel depreciated by 9.40 per cent to close at N6.75 per share.

The total volume traded appreciated marginally by 0.83 per cent to 319.40 million shares worth N3.05billion, traded in 4,091 deals.

Transactions in the shares of Med-View Airlines topped the activity chart with 100.01 million shares valued at N193.02million.

Sterling Bank followed with 34.03 million shares worth N47.17million, and UBA traded 32.51 million shares N316.1million.