Nigeria stocks maintain positive outlook, indices up by 1.07%

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Lagos – Activities on the Nigerian Stock Exchange (NSE) on Thursday maintained positive for the fourth straight trading session with a growth of 1.07 per cent, moving the market Year-to-Date performance into positive region.

The All Share Index (ASI) gained 332.36 points, and increase of 1.07 per cent to close at 31,477.51 against 31,145.15 on Wednesday. NAN reports that the year-to-date performance of the NSE-ASI bounced back into positive territory to stand at 0.15 per cent.

Similarly, the market capitalisation grew by N146 billion, to close at N13.864 trillion compared with N13.718 trillion achieved on Wednesday. The upturn was significantly impacted by value appreciation recorded in some medium and large capitalised stocks, Nestle Nigeria, Beta Glass, Mobil Nigeria, MTN Nigeria Communications and Dangote Cement.

Analysts at Afrinvest Limited expected the rally in the equities market to persist in the short term, following sustained interest in MTNN shares. Market breadth remained in the negative region with 14 gainers against 24 decliners. Law Union and Rock Insurance recorded the highest price gain of 10 per cent, to close at 44k per share. Japaul Oil & Maritime Services followed with a gain of 9.09 per cent to close at 24k, while Nigerian Aviation Handling Company (NAHCO) appreciated by 7.91 per cent to close at N3.41 per share. Beta Glass rose by 7.60 per cent to close at N75, while Conoil appreciated by 6.95 per cent to close at N21.55 per share. On the other hand, Academy Press and Livestock Feeds led the losers’ chart by 10 per cent each, to close at 27 kobo and 54k, respectively, per share.

Courteville Business Solutions and United Capital followed with a decline of 8.70 per cent each, to close at 21k and N2.10, respectively, while Chams depreciated by 8.33 per cent, to close at 33 kobo, per share. Transactions in the shares of Sovereign Trust Insurance topped the activity chart, accounting for 280.76 million shares worth N64.6 billion.

United Bank for Africa (UBA) followed with an account of 44.42 million shares valued at N256.51 million, while MTN Nigeria Communications traded 34.23 million shares worth N5.24 billion. Investors lose N108bn as stock market sustains downward trend(Opens in a new browser tab) Zenith Bank traded 33.49 million shares valued at N630.73 million, while Transnational Corporation of Nigeria (Transcorp) sold 17.43 million shares worth N19.87 million. In all, total volume traded appreciated by 90.03 per cent with a turnover 559.76 million shares worth N8.68 billion traded in 6,042 deals.

NSE All-Share Index sustains growth by 0.14%(Opens in a new browser tab) This was in contrast with 294.57 million shares valued at N17.47 billion in 4,835 deals on Wednesday.

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Joseph Afam (Local Contents and Partnership Editor) (070 3949 0464) Joseph Afam is a energy and finance journalist, who has years of experience in journalism, he started his journalism career in Nigeria’s top financial newspaper in Lagos. He’s a graduate of Economics and Finance from University of Ebonyi State, Nigeria He has won series of awards and regconitions Contact him for any editorial deals and advertorial issues on # Joseph.Afam@naija247news.com, editor@naija247news.com, Cell: 070 3949 0464

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