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Gains resurfaced in stock market as NSE Index rises by 0.58%

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By Peter Egwuatu

Trading on Nigerian Stock Exchange, NSE closed on a positive note on Tuesday, with the All Share Index appreciating by 58 basis points, bps or 0.58 percent to close at 35,516.21 points compared with 35,311.36 recorded on Monday.

Nigerian Stock Exchange
Nigerian Stock Exchange NSE

In the same manner, the NSE market capitalisation increased by N75 billion or 0.58 per cent to close at N12.96 trillion against N12.89 trillion recorded on Monday.

Total Oil led the gainers’ table with N9.00 per share gains to close at N190.00 per share. Flour Mills followed with a gain of N1.20 per share to close at N24.80 per share, while Guaranty Trust Bank added N.00 per share to its value to close at N39 per share.

PZ garnered 95kobo to close at N14.00 per share, while Dangote Sugar appreciated by 5kobo to close at N15.5 per share.

Conversely, Glaxosmith topped the losers’ chart, shedding N1.00 per share to close at N14.00 per share, while  Ecobank  Transnational Incorporated, ETI and Forte Oil trailed with a loss of 7kobo each to close at N19.30 per share and N22.30 per share, respectively.

Nigeria Breweries was down by 5kobo per share to close at N100 per share, while Custodian lost 35kobo to close at N5.0 per share.

The volume of shares traded at the Exchange rose by 89.97 per cent, while value of shares transacted increased by 172.43 per cent. This was against the 178.810 million shares worth N2.02 billion exchanged in 2,981 deals on Monday.

Hallmark Insurance was the most active stock, exchanging 99.95 million shares worth N30.99 billion. Stanbic IBTC followed with an account of 72.95 million shares valued at N3.61 billion, while May Baker Nigeria traded 40.09 million shares worth N91.87 million.

Commenting on the stock market performance, analysts at Cordros Capital said’: ‘While we remain conservative in our outlook for equities in the near-to-medium term, owing to the absence of a near term one-off positive catalyst and amidst brewing political concerns; macroeconomic fundamentals remain stable and supportive of recovery in the long term.”

Commenting as well, analysts at Afrinvest Research said: “We expect performance to stay upbeat in subsequent sessions as investors hunt for bargains.”

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