Bulls sustain market ride, lifts index further by 0.14 percent
20 August 2020 |
1:24 am
The Nigerian equities market sustained a rising profile at the end of yesterday’s transactions, as more blue-chip stocks joined the league of gainers, resulting to a further rise in the All Share Index (ASI) by 0.14 per cent.
NSE
The Nigerian equities market sustained a rising profile at the end of yesterday’s transactions, as more blue-chip stocks joined the league of gainers, resulting to a further rise in the All Share Index (ASI) by 0.14 per cent.
At the close of trading, Wednesday, the ASI rose by 34.83 absolute points or 0.14 per cent to close at 25,171.32 points. Similarly, the market capitalisation added N18 billion to close at N13.131 trillion.
The uptrend was impacted by gains recorded in large and medium value stocks, including Guaranty Trust Bank, International Breweries, Studio Press Nigeria, Zenith Bank, and United Bank for Africa (UBA).
Analysts noted that the market closed higher with the help of interim dividend paying stocks that inched in value as investors position ahead of their half-year audited earnings reports.
For instance, analysts at Afrinvest Limited said: “We expect bargain hunting to persist in subsequent trading days.”
Market breadth closed flat as 13 stocks gained relative to the 13 losers. Studio Press Nigeria recorded the highest price gain of 10 per cent to close at N1.98, while International Breweries followed with 7.14 per cent to close at N3.00, per share.
Jaiz Bank rose 5.36 per cent to close at 59 kobo, while Japaul Oil & Maritime Services and Mutual Benefits Assurance advanced five per cent each, to close at 21 kobo, per share, respectively.
On the other hand, Chemical and Allied Products (CAP) led the losers’ chart by 10 per cent to close at N15.30 per share. Royal Exchange followed with 9.68 per cent to close at 28 kobo, and PZ Cussons Nigerian lost 9.41 per cent to close at N3.85, per share.
University Press slipped 7.38 per cent to close at N1.13, while GlaxoSmithKline Consumer Nigeria shed 6.73 per cent to close at N4.85, per share.
The total volume traded fell by 33.58 per cent to 180.010 million shares worth N1.536 billion, traded in 3,108 deals. Transactions in the shares of Zenith Bank topped the activity chart with 35.943 million shares valued at N605.18 million. Access Bank followed with 29.079 million shares worth N187.393 million, while Transnational Corporation of Nigeria (Transcorp) traded 16.489 million shares valued at N10.137 million.
UBA traded 12.49 million shares at N83.195 million, and FBN Holdings transacted 10.532 million shares worth N52.607 million.
Related
2 hours ago
The Managing Director of Nigeria Breweries Plc, Hans Essaadi, said the fact that the naira has shown some appreciation against the dollar in recent weeks has had little or no impact on input cost.
2 hours ago
The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Ojaja II, said the recently-launched Tingo Cola and Tingo Electric energy drink would not only deepen local content principles and compete locally with other exportable brands but would also provide employment to hundreds of youths in the country.
2 hours ago
Despite the abundance of raw materials needed for self-sufficiency and the production of pulp and paper in the country, Nigeria is still missing out on the massive income to be made on the production, sale and export valued at $360 billion.
2 hours ago
The Chartered Institute of Taxation of Nigeria (CITN) has warned political leaders against abuse of taxpayers' money, stating that collecting tax revenue from taxpayers without using it judiciously weakens the country's taxation system.
2 hours ago
To halt the fresh panic building over the fate of the naira, the Central Bank of Nigeria (CBN) is set to disburse another tranche of liquidity intervention to 1,583 Bureau de Change operators.
2 hours ago
Oil-producing communities in Niger Delta have called for transparency and accountability in the ongoing divestment of oil and gas assets in the region.
2 hours ago
Following the recent appointment of new management and board for the Securities and Exchange Commission (SEC), shareholders have stressed the need for the members to accelerate the development of the capital market by improving the response time to complaints and monitoring listed firms' compliance with extant rules.
1 day ago
The price of Liquefied Petroleum Gas (LPG), also known as cooking gas, has continued its upward swing rising by 7.1 per cent in the last month, thus making life more difficult for Nigerians who are struggling with food inflation.
1 day ago
Various fibre cuts may have cost affected telecoms operators, especially MTN and Airtel, about N27 billion ($23 million) in repairs last year. To reduce the cost of the operations of the firms, the Federal Government through the Ministry of Works
1 day ago
The Federal Government, through the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, has announced the launch of N200 billion Presidential Intervention Fund for Micro, Small and Medium Scale Enterprises (MSMEs) and manufacturers in Nigeria.
×
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.
0 Comments
We will review and take appropriate action.