Investors Kick-start Week With N40bn Gain

By Ikenga Chronicles February 5, 2019

Investors Kick-start Week With N40bn Gain

Investors in equities kick-started the week on a positive note on the floor of the Nigerian Stock Exchange (NSE) as bargains in fundamentally sound stocks saw market capitalisation rise by N40.5 billion to N11.5 trillion.

Activities on the floor appreciated by 0.35 per cent with 16 price gainers and 20 losers

The News Agency of Nigeria (NAN) reports that the All-Share Index, which opened at 30,636.36, rose by 108.69 points or 0.35 per cent to close at 30,745.05.

Similarly, the market capitalisation rose by N40bn or 0.35 per cent to close at N11.464tn from the N11.424tn achieved on Friday.

A breakdown of the price movement chart indicates that Nigerian Breweries led the price gainers’ table with a gain of N3.90 to close at N77.90 per share.

Stanbic IBTC followed with a gain of 70k to close at N46, while Redstar improved by 50k to close at N5.50 per share.

Custodian and Allied Insurance added 30k to close at N6.80, while Dangote Flour gained 20k to close at N6 per share.

On the other hand, Forte Oil topped the price losers’ chart, dropping by N2.50 to close at N77.90 per share.

Total trailed with a loss of N2.40 to close at N220.90, while NASCON shed 25k to close at N17.65 per share.

UACN declined by 20k to close at N9, while Champion Breweries was down by 18k to close at N1.62 per share.

Despite the growth in the market indices, the volume of shares traded dipped by 32.21 per cent and the value declined by 76.47 per cent.

A total of 183.67 million shares valued at N1.04bn were traded by investors in 2,909 deals on Monday.

This was against the 270.94 million shares worth N4.42bn exchanged in 3,144 deals on Friday..

Fidelity Bank was the most active stock during the day, trading 36.62 million shares worth N82.39m.

Transcorp followed with 34.27 million shares valued at N43.68m, while Diamond Bank traded 29.47 million shares worth N68.07m.

Zenith Bank traded 10.91 million share valued at N249.79m, while UBA sold 6.97 million shares worth N50.07m.

Source: Daily Trust