Stocks maintain upward trend, soar by N53bn

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By CHINEDU IBEABUCHI

PRICES of equities traded  on the Nigerian Stock Exchange, NSE, last week maintained upward movement, recording about N53 billion appreciation.

Specifically, the market capitalisation of the listed equities went up by 1.01 percent to close at N8.466 trillion from N8.413 trillion. Also, the NSE All-Share Index appreciated by 0.65 percent to close at 26,494.44 points from 26,322.18 points.

Review of the equity price movements indicated that thirty equities gained while thirty-four equities recorded price declines and prices of one hundred and thirty-four equities remained constant. When compared with the preceding week, twenty-six equities gained while forty- three equities recorded price declines and prices of one hundred and twenty-nine equities remained constant.

The bullish trend was occasioned by price rise in equities of major blue chip companies led by Nestle Nigeria Plc which gained N52 to close at N650.11 per share from N598.11, followed by Glaxo SmithKline Consumer Nigeria Plc, rising by 7.99 to close at N45.50 per share and Total Nigeria Plc which appreciated by N5.93 to close at N124.68 per share.

Other share price gainers in the top ten categories include: Unilever Nigeria Plc N2.55, Nigerian Brew. Plc N2.22, Conoil Plc N1.73, Julius Berger Nigeria Plc N1.50, Lafarge Wapco Plc N0.89, Presco Plc N0.71 and Oando Plc N0.51, among others.

On the contrary, Cap Plc recorded the highest share price loss, dipping by N1.41 to close at N26.94 per share from N28.35; followed by Mrs Oil Nigeria Plc which shed N1.38 to close at N26.32, and Stanbic IBTC Holdings Plc which lost N1.26 to close at N11.77 per share.

Other share price losers in the top ten category include Nigeria Flour Mills Plc N0.96, Academy Press Plc N0.64, Flour Mills Nigeria Plc N0.50, Guaranty Trust Bank Plc N0.50, Morison Industries Plc N0.45, Arbico Plc N0.36 and P Z Cussons Nigeria Plc N0.32, among others.

Meanwhile, a turnover of 1.216 billion valued at N8.886 billion in 18,902 deals was recorded last week in contrast to a total of 1.178 billion shares valued at N9.279 billion that exchanged hands in 18,621 deals in the penultimate week.

The Financial Services sector accounted for 753.907 million shares valued at N5.005 billion traded in 10,938 deals. The Conglomerates sector followed with 201.552 million shares valued at N324.579 million and traded in 806 deals.

The Banking sub-sector of the Financial Services sector was the most active during the week (measured by turnover volume); with 471.559 million shares worth N3.856 billion which exchanged hands in 7,836 deals. Volume in the Banking subsector was largely driven by activity in the shares of Access Bank Plc FBN Holdings Plc, and Zenith Bank Plc. Trading in the shares of the three banks accounted for 185.284 million shares, representing 40.80 percent, 25.52 percent, and 15.83 percent of the turnover recorded by the sub-sector, sector and total turnover for the week, respectively.

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