Equities market extends gaining streak by N19bn

The equities market of the Nigerian Stock Exchange (NSE) on Wednesday extended its gaining streak with market capitalisation adding N19 billion.

Specifically, the market capitalisation which opened at N13.112 trillion rose by N19 billion or 0.14 percent to close at N13.131 trillion.

Consequently, the Month-to-Date gain increased to +1.9 percent, while the Year-to-Date loss moderated to -6.2 percent.

The sectoral performance was broadly mixed with gains recorded across the Banking (+0.8 percent), Insurance (+0.4 percent), and Consumer Goods (+0.2 percent) indices, while the Industrial Goods (-0.04 per cent) index declined. The Oil & Gas index traded flat.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Guaranty Trust Bank, International Breweries, Studio Press, Zenith Bank, and United Bank for Africa.

Capital market analysts noted that the market closed higher with the help of interim dividend-paying stocks that inched in value as investors positioned ahead of their half-year audited earnings reports.

For market breadth, there were 13 gainers and 13 losers.

Studio Press led the gainers’ table in percentage terms with 10 percent to close at N1.98 percent.

International Breweries trailed with 7.14 percent to close at N3, while Jaiz Bank rose by 5.36 percent to close at 59k per share.

Japaul Oil & Maritime Services and Mutual Benefits Assurance appreciated by five percent each, to close at 21k per share each.

Conversely, Chemical and Allied Products dominated the losers’ table in percentage terms, dropping 10 percent to close at N15.30 per share.

Royal Exchange trailed with a loss of 9.68 percent to close at 28k, while PZ Cussons dipped 9.41 percent to close at N3.85 per share. University Press lost 7.38 percent to close at N1.13, while GlaxoSmithKline shed 6.73 percent to close at N4.85 per share.

Transactions in the shares of Zenith Bank topped the activity chart with an exchange of 35.94 million shares valued at N605.18 million.

Access Bank followed with 29.08 million shares worth N187.39 million, while Transcorp traded 16.49 million shares valued at N10.14 million.

UBA sold 12.49 million shares worth N83.19 million, while FBN Holdings transacted 10.53 million shares valued at N52.61 million.

In all, the volume of shares traded dropped by 33.58 percent as investors bought and sold 180.01 million shares worth N1.54 billion in 3,108 deals.

This was in contrast with a turnover of 271.001 million shares valued at N2.46 billion achieved in 3,693 deals on Tuesday.