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Market rebounds, share value rises by N43bn

By Michael Eboh
Trading on the Nigerian Stock Exchange (NSE), resumed the week on a bullish note, halting the bearish run recorded for the most part of last week, as the value of listed equities appreciated, Monday, by 43.08 billion.

In particular, the rise in the value of listed equities was represented by an upsurge in the key market indices, the market capitalisation and All-share index, as both appreciated by  0.83 per cent each.

The index which opened at 22,293.53 points rose by 184.95 basis points to close at 22,478.48 points while the capitalisation rose by N43.08 billion to close at N5.235 trillion from N5.192 trillion at which it opened.

The rise in the market indices, according to market watchers, was as a result of the attractive low prices of majority of the stocks, leading to a scramble for the shares by investors.

Guinness Nigeria Plc recorded the most share price gain, rising by N3.00 to close at N135.00 per share, Nestle Nigeria Plc followed with a gain of N2.99 to close at N214.00 per share and Oando Plc garnered N1.80 to close at N90.00 per share.

Other share price gainers include: Lafarge Cement WAPCO Plc N1.49, Flour Mills Nigeria Plc N0.90, Cement Company of Northern Nigeria Plc N0.50, Nigerian Breweries Plc N0.50, GTBank Plc N0.48, Ashaka Cement Plc N0.39, Union Bank Nigeria Plc N0.39 among others.

On the contrary, Eterna Oil and Gas Plc recorded the most share price loss, dropping by N0.62 to close at N11.78 per share, United Bank for Africa Plc followed with a loss of N0.34 to close at N12.26 per share and Costain (West Africa) Plc dipped by N0.20 to close at N4.00 per share.
Others on the share price losers’ category include: Intercontinental Bank Plc N0.19, African Alliance Insurance Plc N0.13, Spring Bank Plc N0.12, C & I Leasing Plc N0.10, Fidelity Bank Plc N0.10, Staco Assurance Plc N0.09, Starcomms Plc N0.08 among others.

Equity trading, however, dipped by 60.33 per cent, as a turnover of 315.81 million shares valued at N1.83 billion was recorded in 6,021 deals, in contrast to the previous day’s turnover of 796.14 million shares valued at N3.65 billion was recorded in 6,330 deals.

The Banking sub-sector dominated the other sub-sectors, accounting for 55.09 per cent of the market turnover, with 173.98 million shares valued at N1.23 billion in 3,587 deals. United Bank for Africa Plc recorded the highest transaction in the sub-sector, trading 26.54 million shares valued at N321.92 million in 308 deals, followed by Fidelity Bank Plc with the exchange of 21.26 million shares valued at N48.11 million in 225 deals and Diamond Bank Plc recorded 16.99 million shares valued at N119.91 million in 128 deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for 29.51 per cent of the market turnover, with 93.18 million shares valued at N55.8 million in 452 deals.

Investment and Allied Assurance Plc emerge the most active in the sub-sector, trading 41.67 million shares valued at N20.83 million in four deals, followed by Goldlink Insurance Plc with the exchange of 26.13 million valued at N13.06 million in 44 deals and Great Nigeria Insurance Plc recorded 6.07 million shares valued at N3.04 million in 13 deals.


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