Equities market sustain positive growth on positive economic data

The Nigerian Stock Exchange (NSE) market indicators on Friday sustained positive trend, appreciating by 0.81 per cent, barely 24 hours to the general election.

Our correspondent reports that the All-Share Index rose by 261.81 points or 0.81 per cent to close at 32,715.50 compared with 32,453.69 on Thursday.

Also, the market capitalisation which opened at N12.102 trillion inched N98 billion or 0.81 per cent to close at N12.200 trillion, amid price gains.

The growth posted by the equities market was contrary to investors projection that the market would react to the presidential and National Assembly elections slated for Feb. 16.

Mr Ambrose Omordion, Chief Operating Officer, InvestData Ltd., however, attributed the growth to low price attraction, anticipation of new economic policies and reforms after the election.

Omordion said that expected exit of election uncertainty, positive fourth quarter Gross Domestic Product data drive by non-oil sector, despite slow economic activities contributed to the trend.

He added that January inflation data released by the National Bureau of Statistics (NBS) contributed to the market growth.

It was reported that data released by NBS showed that Nigeria’s annual inflation rate declined to 11.37 per cent in January, down from the seven-month high it reached in December.

The data from NBS released on Friday, a day before the presidential election, showed an improvement from the 11.44 per cent in the previous month.

A breakdown of the price movement indicates that Seplat led the gainers’ table, appreciating by N39 to close at N619 per share.

Presco followed with a gain of N6 to close at N66, while Nigerian Breweries appreciated by N3 to close at N83 per share.

Dangote Cement also gained N3 to close at N194, while Julius Berger increased by N1 to close at N26.50 per share.

Conversely, Nestle recorded the highest loss, dropping by N25 to close at N1,565 per share.

Unilever trailed with a loss of N3.50 to close at N43.50, while MRS declined by N2.30 to close at N20.85 per share.

Cement Company of Northern Nigeria was down by N1 to close at N21, while UACN dipped by 95k to close at N8.65 per share.

Diamond Bank dominated activity chart, exchanging 141.62 million shares worth N339.92 million.

Transcorp followed with an account of 117.65 million shares valued at N198.92 million, while Mansard Insurance traded 94.59 million shares worth N193.87 million.

Access Bank exchanged 77.16 million shares worth N509.62 million, while FCMB Group traded 49.36 million shares valued at N118.83 million.

In all, a total of 808.65 million shares worth N6.49 billion was traded in 6,177 deals, representing an increase of 90.99 per cent.

This was against the 423.38 million shares valued at N3.73 billion exchanged in 4,417 deals on Thursday.