Financial stocks lift NSE’s market capitalisation by N15 billion

Gains recorded by some financial stocks, especially Guaranty Trust Bank (GTB) and Union Bank of Nigeria (UBN), yesterday lifted market capitalisation by N15 billion.

Specifically, at the close of trading yesterday, the All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) rose by 27.99 points or 0.13 per cent to 21,757.47 points.

Accordingly, investors gained N15 billion in value as market capitalisation went up to N11.339 trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Guaranty Trust Bank, Union Bank of Nigeria (UBN), Access Bank, Cadbury Nigeria and Zenith Bank.

Market breadth closed positive as 24 stocks recorded gains relative to eight losers.

The Chief Research Officer of Investdata Consulting Limited, Ambrose Omordion urged government to step up implementation of policies already identified as measures capable of stemming the effects of the COVID-19 pandemic

“It is expected that, at this challenging period for the economy, the government and her economic managers would step up implementation of policies and measures already identified among those that can counter the effects of the pandemic.

“The news of stimulus packages and expected implementation in other nations of the world have started reflecting on their stock markets which just suffered huge losses recently, as it rebounded with big gains in recent days trading.”

Morison Industries, United Capital and UBN recorded the highest price gain of 10 per cent each, to close at 55 kobo, N2.20 and N6.60, respectively, per share. Transnational Corporation of Nigeria (Transcorp) followed with a gain 9.84 per cent to close at 64 kobo, while Access Bank rose by 9.82 per cent to close at N6.15, per share.

Cadbury Nigeria rose by 9.73 per cent to close at N6.20, while Honeywell Flour Mills appreciated by 9.64 per cent to close at 91 kobo, per share. On the other hand, Nestlé Nigeria led the losers’ chart by 10 per cent, to close at N765.00, per share.

GlaxoSmithKline Consumer Nigeria followed with a decline of 7.89 per cent to close at N3.50, while Julius Berger declined by 7.17 per cent to close at N22.00, per share.
Stanbic IBTC Holdings declined by 6.90 per cent to close at N24.30, while Oando shed 2.27 per cent to close at N2.15, per share.

However, the total volume traded decreased by 26.26 per cent to 172.16 million shares, worth N1.89 billion, and traded in 3,542 deals. Transactions in the shares of Zenith Bank topped the activity chart with 40.60 million shares valued at N488.84 million.

United Bank for Africa (UBA) followed with 15.95 million shares worth N79.34 million, while Sterling Bank traded 13.19 million shares valued at N13.68 million.

FCMB Groups traded 12.3 million shares valued at N18.496 million, while Access Bank transacted 10.27 million shares worth N61.16 million.