Improved corporate performance lifts market index by N18 billion
Following improved earning performances recorded by some bluechip stocks, the equities market halted its losing streak to reopen in an upbeat at the end of yesterday’s transactions on the floor of the Nigerian Stock Exchange (NSE), causing market capitalisation to inch up by N18 billion.
At the close of transactions, the All Share Index (ASI) also rose by 35.72 points or 0.14 per cent to 26,384.45 points. Accordingly, investors gained N18 billion in value as market capitalisation moved up to N12.844 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were; Cement Company of Northern Nigeria (CCNN), Flour Mill of Nigeria, Lafarge Africa, Sterling Bank, and Tripple Gee & Co.
Analysts at Cowry Asset Management Limited said: “This week, we look forward to the Nigerian equities market closing in positive territory as investors are expected to respond positively, amid low share prices, to the largely positive nine months 2019 financial results churned out by most companies.”
Market breadth also closed positive as 12 stocks recorded gains relative to seven losers. Courteville Business Solutions recorded the highest price gain of 9.52 per cent to close at 23 kobo per share. Tripple Gee & Co followed with 8.47 per cent to close at 64 kobo, while Cornerstone Insurance gained 7.89 per cent to close at 41 kobo, per share.
CCNN rose six per cent to close at N15.90, and Union Diagnostic & Clinical Services 4.35 per cent to close at 24 kobo, per share.
On the other hand, Livestock led the losers’ chart with eight per cent to close at 46 kobo per share. UAC of Nigeria (UACN) followed with 7.69 per cent to close at N6.00, while University Press (UPL) shed 4.35 per cent to close at N1.10, per share.
AXA Mansard Insurance lost 2.94 per cent to close at N1.65, while Neimeth International Pharmaceuticals fell 2.50 per cent to close at 39 kobo, per share.
Total volume traded also increased by 27.50 per cent to 485.897 million shares worth N1.078 billion, traded in 3,861 deals. Transactions in the shares of Veritas Kapital Assurance topped the activity chart with 346.69 million shares valued at N69.34 million.
Zenith Bank followed with 22.01 million shares worth N374.06 million, while Courteville Business Solutions traded 21.52 million shares valued at N4.88 million.
Access Bank traded 21.23 million shares at N155.03 million, while Transnational Corporation of Nigeria (Transcorp) transacted 11.13 million shares worth N11.32 million.