Trading sustains growth on NSE, index up by 1.07%

Activities on the Nigerian Stock Exchange (NSE), sustained positive growth on Wednesday with investors net worth increasing by 1.07 per cent following Dangote Cement appreciation.

Our correspondent reports that the market indices have been on upward trend since Jan. 10.

Specifically, the All-Share Index inched 323.15 points or 1.07 per cent to close at 30,460.68 compared to 30,137.53 posted on Tuesday.

In the same vein, the market capitalisation of listed equities rose by N121 billion to N11.359 trillion from N11.238 trillion reported on Tuesday.

Market analysts were of the opinion that the ongoing rally at the equities market would not be sustained due to political risk.

Prof. Uche Uwaleke, Head of Banking and Finance Department, Nasarawa State University Keffi, told NAN that the trend would not last for a long period due to the forthcoming general elections.

Uwaleke said that the market would be marred with mixed performance as the election approaches due to increase in political risk.

“Even if you see any increase, it is not going to be sustained, you won’t see a rally so to speak. You will just see mixed performance, it will increase today and drop,’’ he said.

An analysis of the price movement table indicates that Dangote Cement Industries led the gainers’ table with N8 to close at N188 per share.

Guinness followed with a gain of N6.25 to close at N71, while Forte Oil gained N1.40 to close at N29.40 per share.

NASCON added 60k to close at N18.60, while Custodian and Allied Insurance increased by 50k to close at N5.80 per share.

On the other hand, Betaglass recorded the highest loss, shedding N6.70 to close at N60.30 per share.

PZ Industries trailed with a loss of N1 to close at N12, while Guaranty Trust Bank dipped 90k to close at N32.60 per share.

International Breweries dropped 75k to close at N30.25, while GlaxosmithKline depreciated by 40k to close at N11.80 per share.

However, investors exchanged 305.81 million shares worth N2.10 billion transacted in 3,642 deals.
This was in contrast with a total of 300.03 million shares valued at N3.25 billion achieved in 3, 760 deals on Tuesday.

The banking stocks dominated the activity chart with Diamond Bank emerging the most active stock, trading 141.23 million shares valued at N296.58 million.

Fidelity Bank followed with an account of 18.61 million shares worth N38.212million, while Guaranty Trust Bank traded 17.44 million shares valued at N577.75 million.

Zenith International Bank sold 16.23 million shares worth N357.11 million, while Sterling Bank exchanged 15.97 million shares valued at N31.54 million.