NSE: Trading maintains positive outlook, index up by 0.36%

Activities on the Nigerian Stock Exchange (NSE) maintained a positive outlook on Thursday with the All-Share Index appreciating by 0.38 per cent.

Our correspondent reports that the index rose by 111.04 points or 0.36 per cent to close at 30,989.60 compared with 30,878.56 on Wednesday.

In the same vein, the market capitalisation increased by N44 billion to close at N11.558 trillion against N11.514 trillion on Wednesday.

Dangote Cement led the gainers’ table during the day, improving by N2 to close at N192 per share.

Guaranty Trust Bank followed with a gain of 60k to close at N33.60, while Access Bank garnered 35k to N6 per share.

FBN Holdings appreciated by 20k to close at N7.60, while Ikeja Hotel rose by 15k to close at N1.67 per share.

Analysts at Cordros Capital urged investors to trade cautiously in the short to medium term, as selloffs were likely to persist, amidst the brewing political uncertainty, and the absence of a positive catalyst.

They, however, said the stable macroeconomic fundamentals remained supportive of long-term gains.

On the other hand, Cement Company of Northern Nigeria topped the laggards’ table with a loss N1 to close at N24 per share.

Union Bank trailed with 60k to close at N6.15, while Stanbic IBTC lost 50k to close at N47 per share.

Julius Berger dipped 40k to close at N28, while Fidson Healthcare declined by 25k to close at N4.70 per share.

In spite of the growth posted by market indices, the volume of shares traded closed lower by 28.70 per cent with an exchange of 268.26 million shares valued at N3.15 billion in 3,756 deals.

This was in contrast with a total of 376.26 million shares worth N2.97 billion traded in 3,405 deals on Wednesday.

It was l reported that investors continued to seek banking stocks ahead of the 2018 earnings season.

Specifically, Zenith Bank was the most active stock, exchanging 36.47 million shares valued at N806.51 million.

United Bank for Africa followed with an account of 31.64 million shares worth N232.34 million, while FBN Holdings traded 28.99 million shares valued at N217.37 million.

FCMB Group sold 19.99 million shares worth N39.01 million, while Fidelity Bank sold 19.32 million shares worth N44.02 million.