NSE trading reverses negative trend, Index up by 1.05%

Transactions on the Nigerian Stock Exchange (NSE) changed on Thursday after a three-day consecutive loss with the All-Share Index improving by 1.05 per cent.

Our correspondent reports that the index rose by 266.14 points or 1.05 per cent to close at 25,533.82 compared with 25,267.68 achieved on Wednesday.

Similarly, market capitalisation which opened at N8.742 trillion inched N93 billion or 1.06 per cent to close at N8.835 trillion.

An analysis of the price movement chart showed that Mobil Oil led the gainers’ table, gaining N5 to close at NN300.01 per share.

Dangote Cement followed with a gain of N3 to close at N1.65 and Unilever gained N1 to close at N33.49 per share.

Nigerian Breweries appreciated by N1 to close at N131, while Forte Oil increased by 80k to close at N47.80 per share.

On the other hand, Guinness topped the losers’ chart during the day, declining by 80k to close at N60 per share.

UACN trailed with a loss of 30k to close at N13 and CCNN lost 29k to close at N4.47 per share.

Jaiz Bank decreased by 6k to close at N1.21, while Fidson Healthcare was down by 3k to close at 98k per share.

However, the volume of shares traded closed lower with a total of 352 million shares valued at N2.45 billion transacted in 2,438 deals.

It was reported that this was as against a turnover of 771.66 million shares worth N2.62 billion achieved in 2,703 deals on Wednesday.

Continental Reinsurance was the toast of investors, accounting for 58.03 million shares valued at N95.63 million.

Staco Insurance followed with 56.45 million shares worth N28.23 million and Zenith International Bank traded 44.68 million shares valued at N624.11 million.

Fidelity Bank traded 33.47 million shares worth N26.76 million, while FCMB Group traded 32.89 million shares valued at N36.58 million.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the renewed interest in insurance equities to foreign investors positioning in the sector at a premium.

Omordion stated that foreign investors were repositioning in the sector for the second quarter.