Nigeria Update: Stock market indices rebound against expectations by N45b
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Contrary to expectations that the volatility in the stock market would continue as Central Bank of Nigeria (CBN) retained MPR at 14 per cent, equity transactions on the Nigerian Stock Exchange (NSE) witnessed the first appreciation for the week yesterday, as market capitalisation increased by N45 billion.
Consequently, the All-share index, which measures the performance of listed firms, rose by 125.83 points or 0.3 per cent to 40,875.69 from 40,749.86 recorded on Wednesday.
Similarly, the market capitalisation of listed equities increased from N14.720 trillion to N15.765 trillion.
Although price losses outweighed gains yesterday, the appreciation recorded by some stocks was able to push the indices.
Specifically, at the close of transactions yesterday, 21 stocks appreciated in price led by Dangote Cement with N4.00 kobo to close at N255.00 per share. EcobankTransNational incorporated followed with N0.65 kobo to close at N17.00 per share.
Eterna oil added N0.28 kobo to close at N6.29 per share. National Salt Company of Nigeria gained N0.20 kobo to close at N21.10 per share. Zenith Bank also garnered N0.15 kobo to close at N27.50 per share.
However, 22 stocks constituted the losers’ chart as GlaxoSmithKline emerged the day’s highest price loser, shedding N3.35 kobo to close at N31.50 per share while International Breweries followed with N2.70 kobo to close at N51.70 per share.
Julius Berger depreciated by N1.20 kobo to close at N24.70 per share. Nigerian Breweries lost N0.70 kobo to close at N128.30 per share. Union Bank also shed N0.30 kobo to close at N6.65 per share.
United Bank for Africa dominated in volume terms with 103 million shares worth N1.2 billion followed by Fidelity Bank which traded 90 million units valued at N241 million.
Guaranty Trust Bank recorded 62 million shares valued at N2.7 million. Access Bank accounted for 40 million units worth N474 million. FBN Holdings exchanged 31 million shares worth N380 million.
On the whole, investors exchanged 495 million shares worth N14.7 billion in 4,614 deals, higher than 401 million units worth N6.8 billion that changed hands in 5,370 deals on Wednesday.
