NSE’s All- share index rises 0.5% despite technical hitches
Despite technical obstructions witnessed on the floor of the exchange yesterday, the Nigerian equities market extended previous gain to open trading for the week in an upbeat with the All-share index appreciating by 0.45 per cent.
The Nigerian Stock Exchange (NSE), yesterday, encountered a technical glitch, which impacted trading activities for about four hours. The head of Shared Services Division, NSE, Bola Adeeko, said the fault was fully resolved and market transactions continued at 1:45 p.m. Adeeko explained that a decision was taken to extend the trading hours on Monday to 3:30 p.m. from the usual 2:30 p.m.
According to Adeeko, NSE has a robust business continuity framework in place with processes designed to forestall and reduce the impact of such unpredictable technical glitches when they occur. “The Bourse has a solid track record of high availability and systems resilience, whilst working with some of the cutting edge technologies required to power up a modern Exchange, and will continue to work to enhance this.”
At the close of transactions Monday, the All Share Index (ASI) was up by 134.09 absolute points, representing an increase of 0.45 per cent to close at 29,964.79 points. Similarly, the market capitalisation increased by N50 billion to close at N11.174 trillion.
The upturn was impacted by gains recorded in some bellwethers, amongst which are; Dangote Cement, Lafarge Africa, United Capital, Diamond Bank, and Union Bank of Nigeria (UBN).
Market breadth closed apiece with 11 gainers and losers. First Aluminium recorded the highest price gain of 9.09 per cent to close at 36 kobo per share. United Capital followed with 5.30 per cent gain to close at N2.98, while Mutual Benefit Assurance rose five per cent to close at 21 kobo per share.
Royal Exchange appreciated by 4.76 per cent to close at 22 kobo, while Diamond Bank rose 3.47 per cent to close at N2.09 per share. On the other hand, Linkage Assurance led the losers’ chart by 9.23 per cent to close at 59 kobo per share. Wapic Assurance followed with a decline of 9.09 per cent to close at 40 kobo, while Nigerian Aviation Handling Company (NAHCO) lost 8.29 per cent to close at N3.21 per share.
Resort Savings & Loans shed 8.11 per cent to close at 34 kobo, while Jaiz Bank fell 5.66 per cent, to close at 50 kobo per share. Total volume of trades decreased by 35.82 per cent to 132.41 million units, valued at N1.09 billion, exchanged in 2,542 deals.
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