Equity sustains gaining streak as index rises further by N18b

Despite the decline in some banking stocks, the Nigerian Stock Exchange (NSE), sustained the previous two days rally to close in upbeat yesterday, as market capitalisation appreciated by further N18 billion,

At the closed of transactions Thursday, the All Share Index (ASI) increased by 34.00 absolute points, representing a growth of 0.10 per cent to close at 34,803.00 points. Similarly, the market capitalisation gained N18 billion to close at N18.185 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Mobil Nigeria, Guinness Nigeria, Guaranty Trust Bank, Cadbury Nigeria, and International Breweries.

Analysts at Afrinvest Limited said: “Following three consecutive days of positive performance, we envisage investors will take profit in the next trading session. However, we expect the equities market to close in the green for the week.”

Market breath closed flat, recording 21 gainers and 21 losers. NCR Nigeria, and UPDC Real Estate Investment Trust recorded the highest price gain of 10 per cent each, to close at N1.98 and N5.50 per share, respectively, while Mobil Nigeria followed with a gain of 9.89 per cent to close at N208.80, per share.

Neimeth International Pharmaceuticals rose 9.79 per cent to close at N2.58, and International Breweries appreciated by 9.62 per cent to close at N7.18, per share.

On the other hand, Royal Exchange led the losers’ chart by 7.69 per cent to close at 24 kobo per share. Union Diagnostic & Clinical Services followed with 7.41 per cent to close at 25 kobo, while Africa Prudential shed 5.76 per cent to close at N5.89, per share.

Union Bank of Nigeria (UBN) slipped 5.17 per cent to close at N5.50, and Fidelity Bank fell 5.11 per cent to close at N2.60, per share.

However, the total volume traded decreased by 40.78 per cent to 257.556 million shares, worth N3.530 billion, and traded in 5,407 deals.

Transactions in the shares of Zenith Bank topped the activity chart with 40.575 million shares valued at N999.271 million.

Transnational Corporation of Nigeria (Transcorp) followed with 23.228 million shares worth N23.255 million, while Access Bank traded 20.929 million shares at N180.182 million.

United Bank for Africa (UBA) traded 18.016 million shares valued at N150.842 million, while Sterling Bank transacted 16.351 million shares worth N31.985 million.