NSE resumes trading for August with 0.30% growth

The nation’s bourse commenced trading for August after Sallah break with a growth of 0.30 per cent on renewed bargain hunting.

Speficially, the All Share Index (ASI) rose by 72.39 points, to close at 24,766.12 against 24,693.73 achieved on Wednesday.

Also, the market capitalisation inched higher by N37 billion to close at N12.919 trillion compared with N12.881 trillion on Wednesday.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, among which were Flour Mills, BUA Cement, GlaxoSmithkline, Guaranty Trust Bank and Neimeth International Pharmaceuticals.

Analysts at United Capital Plc anticipated that outcome of first half year earnings would continue to spur market reactions this week.

Also, analysts at Afrinvest Ltd believed the performance of the market this week would be majorly dictated by the trend in earnings releases.

Market breadth closed positive, with 19 gainers in contrast with 16 losers.

Neimeth International Pharmaceuticals dominated the gainers’ chart in percentage terms, gaining 10 per cent, to close at N1.65 per share.

Flour Mills followed with 9.97 per cent to close at N18.75, while University Press rose by 9.90 per cent to close at N1.11 per share.

GlaxoSmithkline improved by 8.16 per cent to close at N5.30, while Honeywell appreciated by five per cent to close at N1.05 per share.

On the other hand, UACN led the losers’ chart in percentage terms, losing 10 per cent to close at N6.30 per share.

AIICO Insurance came second with a loss of 9.57 per cent to close at 85k, while Sunu Assurances dipped 9.09 per cent to close at 20k per share.

Mutual Benefits Assurance lost 8.70 per cent to close at 21k, while Custodian Investment shed 7.27 per cent to close at N5.10 per share.

Also, the total volume of shares traded rose by 83.56 per cent as investors bought and sold 186.48 million shares worth N1.31 billion achieved in 4,718 deals.

This was in contrast with a turnover of 101.59 million shares valued at N973.64 million transacted in 3,685 deals on Wednesday.

Transcorp was the toast of investors, accounting for 23.39 million shares worth N14.35 million.

Custodian Investment trailed with 19.14 million shares valued at N97.72 million, while Guaranty Trust Bank traded 18.17 million shares worth N411.61 million.

FBN Holdings sold 13.54 million shares valued at N69.70 million, while United Bank for Africa sold 9.72 million shares worth N60.52 million.