Stock market reopens upbeat as index rise by N4 billion
Trading on the Nigerian Stock Exchange (NSE) reopened upbeat yesterday, following price gains recorded by most blue-chip companies, as market capitalisation appreciated by N4 billion.
Precisely, at the close of transactions Monday, the All-Share Index (ASI) increased by 7.25 absolute points, representing a 0.03 per cent growth to close at 25,229.12 points wh0ile the overall market capitalisation size gained N4 billion to close at N13.162 trillion.
The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which were; Unilever Nigeria, Guinness Nigeria, PZ Cussons Nigeria, International Breweries, and University Press.
GTI Securities Limited urged investors to continue to patronize dividend-paying stocks amid market volatility.
“This is just as they continue to await the publications of audited tier-one banks financial results for first half (H1), 2020.”
Market sentiment, as measured by the market breadth, was flat as 15 stocks gained relative to 15 losers. University Press recorded the highest price gain of 9.68 per cent to close at N1.36 per share.
Unity Bank followed with 9.62 per cent to close at 57 kobo, while Regency Alliance Insurance Company rose 9.09 per cent to close at 24 kobo, per share.
Champion Breweries advanced 8.97 per cent to close at 85 kobo, and Cornerstone Insurance appreciated by 8.62 per cent to close at 63 kobo, per share.
On the other hand, Transnational Corporation of Nigeria (Transcorp) led the losers’ chart by 8.20 per cent to close at 56 kobo per share. Royal Exchange followed with 7.69 per cent to close at 24 kobo, and Jaiz Bank slipped five per cent to close at 57 kobo, per share.
NPF Microfinance Bank lost 4.69 per cent to close at N1.22, while Presco shed 3.92 per cent to close at N49.00, per share.
Also, the total volume traded increased by 58.36 per cent to 251.188 million shares worth N2.360 billion, traded in 3,737 deals. Transactions in the shares of Transcorp topped the activity chart with 75.057 million shares valued at N42.162 billion. Zenith Bank followed with 45.457 million shares worth N767.606 million.
Guaranty Trust Bank traded 12.925 million shares valued at N325.216 million. FBN Holdings traded 12.024 million shares at N60.131 million, while Presco transacted 11.551 million shares worth N566.207 million.