Friday, 19th April 2024
To guardian.ng
Search
Business News  

Stock market index gains 1.90 per cent

By Helen Oji
12 November 2020   |   2:17 am
Transactions on the Nigerian Stock Exchange (NSE) sustained its positive trend yesterday as more highly-capitalised stocks appreciated in prices, boosting the All-Share Index (ASI) by 1.90 per cent.

Transactions on the Nigerian Stock Exchange (NSE) sustained its positive trend yesterday as more highly-capitalised stocks appreciated in prices, boosting the All-Share Index (ASI) by 1.90 per cent.
 
At the close of trading, investors gained N325 billion as market capitalisation advanced to N17.384 trillion. Also, the ASI increased by 621.26 absolute points, representing a growth of 1.90 per cent to close at 33,268.36 points.
   
The positive performance came from gains recorded by highly-capitalized stocks, including Nigerian Breweries Plc, Presco Plc, MTN Nigeria Communications plc (MTNN), Guinness Nigeria Plc and NASCON Allied Industries Plc.
   
Analysts at Afrinvest Research said: “While there is yet room for profit-taking, we expect the local bourse to close the week on a bullish note.”

 
Market sentiment, as measured by market breadth, was positive with 51 stocks recording gains compared to seven losers. Fidson Healthcare, Guinness Nigeria, Neimeth International Pharmaceuticals and Sterling Bank recorded the highest price gains of 10 per cent each, to close at N4.95, N20.90, N2.42 and N2.20 respectively.
   
On the flip side, Learn Africa Plc led the losers’ chart by 4.76 per cent, to close at N1.00, per share. C&I Leasing Plc followed with a decline of 4.65 per cent to close at N4.10 per share.
   
Stanbic IBTC Holdings Plc declined by 4.17 per cent to close at N46.00 while Linkage Assurance declined by 4.08 per cent to close at 47 kobo. Red Star Express Plc shed 3.68 per cent to close at N3.40.
   
The total volume of trades went up by 48.27 per cent to 858.157 million units, valued at N9.063 billion, exchanged in 8,142 deals.    
Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 145.051 million shares valued at N1.078 billion. Transnational Corporation of Nigeria Plc (Transcorp) followed with 126.262 million shares worth N141.213 million while Zenith Bank traded 60.813 million shares valued at N1.520 billion.

In this article

Related

World Bank, AfDB to provide electricity for 300 million Africans by 2030
55 mins ago
Access Pensions commits to guiding customers on backed mortgages
1 hour ago
NGX reverses gains as capitalisation dips by N35 billion
1 hour ago
Customs records 95.3% growth in non-oil exports via Tin Can port
1 hour ago
IoD tasks directors on effective leadership amid global disruptions
1 hour ago
Stanbic IBTC raises N350 billion to tackle energy inadequacy
1 hour ago

0 Comments

Business News
FX volatility, reduced investments, economic slowdown worry LCCI
40 mins ago
The Lagos Chamber of Commerce and Industry (LCCI) is deeply worried about the various economic headwinds confronting the stability of the Nigerian economy.
Business News
FG says production increase key to midstream, downstream stability
1 hour ago
Worried by the dwindling oil production and the need to drive investments in the nation’s oil and gas sector, the Federal Government, through the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has underscored the imperative of ramping up production as a pivotal strategy to ensure stability in the midstream and downstream sectors of the industry.
Maritime
NPA seeks DMO approval for $700m loan to rehabilitate Lagos Ports
1 hour ago
The Nigerian Ports Authority (NPA) is awaiting the Debt Management Office's (DMO) final review and approval of Citibank's $700 million loan mandate, which will fund the rehabilitation of the Apapa and Tin-Can Island ports in Lagos.
Nigeria
Marshall attributes naira gain to CBN clearance of FX backlog
1 day ago
A foreign investor at TLG Capitals, Isaac Marshall, has attributed the naira gain to the decision of the Central Bank of Nigeria (CBN) to clear the FX backlog. Nigeria's foreign exchange (FX) reserves have fallen to a six-year low, Marshall said in a statement on his LinkedIn account on Thursday. He stated that this decline…
Business News
Stakeholders rally operators on AI adoption for industry growth
1 day ago
Stakeholders in the insurance and pension industry have called on operators in the sectors to adopt artificial intelligence (AI) to drive business expansion in the country.
Business News
FCCPC to enforce fair competition for price reduction
1 day ago
Though it does not have the power to regulate prices, the Federal Competition and Consumer Protection Commission (FCCPC) will deploy an existing legal framework to enforce fair competition and consumer protection provisions to achieve fair prices of commodities.
Business News
Inflation to decelerate mid-2024, says Akabueze
1 day ago
Inflation in Nigeria is reaching its peak now and will decelerate toward the middle of the year, Director-General of the Budget Office of the Federation, Ben Akabueze, has said.
Business News
NB’s N600b rights to settle FX losses, local bank debt facility
1 day ago
Nigerian Breweries (NB) Plc has disclosed that the proposed N600 billion recapitalisation scheme by way of rights issue would settle N153 billion outstanding foreign exchange (FX) losses and part of its local bank debt facility.
Business News
IRENA seeks new approach to energy security amid rising geopolitics
1 day ago
The International Renewable Energy Agency (IRENA) is seeking a new approach to energy security amidst geopolitical concerns and a push from fossil fuels.
Business News
CIBN highlights importance of liquidity at yearly lecture
1 day ago
The Chartered Institute of Bankers of Nigeria (CIBN) 2024 yearly lecture, slated to take place on April 23, at the Civic Center, Victoria Island, Lagos, has its theme as "Improving Availability of Credit in the Nigerian Real Economy: The Critical Importance of Liquidity."