Cautious trading at NSE as indices sustain growth by 0.09%

Crucial indicators of the performance of the Nigerian Stock Exchange (NSE) on Tuesday recorded a marginal growth of 0.09 per cent following cautious trading, ahead of the presidential election.

Specifically, the market capitalisation rose by N11 billion to close higher at N11.475 trillion compared with N11.464 trillion achieved on Monday.

Also, the All-Share Index which opened at 30,745.05 increased by 28.52 points or 0.09 per cent to close at 30,773.57.

Analysts maintained that the outlook for equities in the short-to-medium term remained conservative, in the absence of a near term positive catalyst and amidst brewing political concerns.

They said the market would maintain mixed performance until after the general elections.

Betaglass recorded the highest gain to lead the gainers’ table, appreciating by N6 to close at N66 per cent.

Stanbic IBTC followed with a gain of 90k to close at N46.90, while NASCON garnered 40k to close at N17.90 per share.

Guaranty Trust Bank added 25k to close at N34.10, while Oando advanced by 15k to close at N5 per share.

On the other hand, Dangote Cement topped the losers’ chart during the day, dropping by 50k to close at N189.50 per share.

Dangote Sugar trailed with a loss of 45k to close at N13.50, while Zenith Bank dropped by 15k to close at N22.75 per share.

NAHCO was down by 13k to close at N3.32, while Nestle declined by 10k to close at N1,420 per share.

The banking equities maintained the activity chart with Guaranty Trust Bank emerging investors’ delight, accounting for 49.24 million shares worth N1.67 billion.

Zenith Bank followed with 20.74 million shares valued at N473.25 million, while FBN Holdings traded 18.87 million shares worth N149.87 million.

Fidelity Bank sold 15.64 million shares valued at N37.22 million, while Transcorp transacted 13.13 million shares worth N16.94 million.

In all a total of 190.32 million shares valued at N2.93 billion were exchanged by investors in 3,183 deals, an increase of 3.62 per cent.

This was in contrast with a turnover of 183.67 million shares worth N1.04 billion traded in 2,909 deals on Monday.