Q1 earnings: NSE market indices up 0.62%

The Nigerian Stock Exchange (NSE) market indicators appreciated further on Wednesday by 0.62 per cent following impressive first quarter earnings being released in the market.

Speficially, the All-Share Index increased by 140.53 points or 0.62 per cent to close at 22,868.40 against 22,727.87 recorded on Tuesday.

Similarly, the market capitalisation grew by N73 billion or 0.62 per cent to close at N11.917 trillion compared with N11.844 trillion achieved on Tuesday.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which are; MTN Nigeria, Ardova, UACN, Vitafoam and Lafarge Africa.

Analysts at Afrinvest Limited expected more corporate earnings releases to shape the direction of the market for the rest of the week.

Market breadth closed positive, with 14 gainers versus 12 losers.

Courteville dominated the gainers’ table in percentage terms, growing by 10 per cent, to close at 22k per share.

Vitafoam Nigeria followed with a gain 9.98 per cent to close at N4.96, while Ardova increased by 9.95 per cent to close at N10.50 per share.

UACN rose by 9.68 per cent to close at N6.80, while AIICO Insurance appreciated by 6.25 per cent to close at 85k per share.

On the other hand, Eterna led the losers’ chart in percentage terms with a loss of 9.62 per cent to close at N2.16 per share.

University Press followed with a decline of 7.62 per cent to close at 97k, while Lasaco Assurance shed 7.14 per cent to close at 26k per share.

Cornerstone Insurance lost 6.78 per cent to close at 55k, while Chams shed 4.35 per cent each to close at 22k per share.

Transactions in the shares of FBN Holdings topped the activity chart with 56.62 million shares valued at N256.86 million.

United Bank for Africa followed with 52.77 million shares worth N318.44 million, while Lasaco Assurance traded 23.95 million shares valued at N6.26 million.

Guaranty Trust Bank sold 22.33 million shares worth N470.41 million, while Zenith Bank transacted 21.72 million shares worth N322.07 million.

In all, the volume of shares traded appreciated by four per cent with an exchange of 277.43 million shares valued at N2.55 billion transacted in 4,464 deals.

This was against 266.63 million shares worth N2.75 billion exchanged in 4,259 deals on Tuesday.