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Nigerian stock market opens October with N15bn gain

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NSE All-Share IndexMay 29: Market capitalisation inches to N490bn returns to 30,000 mark, amid MTN Nigeria gains

Trading in the domestic stock market resumed on Monday bullish with a gain of 0.05 per cent on investors’ interest in Eterna and 22 others.

Precisely, the benchmark index rose by 21.88 points or 0.05 per cent to close at 40,243.05 from 40,221.17 achieved on Thursday.

Accordingly, month-to-date and year-to-date returns stood at 0.1 per cent and 0.1 per cent, respectively.

Similarly, the market capitalisation gained N15 billion to close at N20.970 trillion from N20.955 trillion posted on Thursday.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Eterna, United Capital, AXA Mansard Insurance, Pharm-Deko and FBN Holdings.

On market performance this week, United Capital Plc expected some profit taking on the bourse amid last week’s rally.

The market breadth closed positive with 23 gainers against 14 losers.

AXA Mansard Insurance led the gainers’ chart in percentage terms with 9.87 per cent to close at N2.56 per share.

Pharm-Deko followed with 9.79 per cent to close at N2.58, while University Press appreciated by 9.76 per cent to close at N1.35 per share.

Consolidated Hallmark Insurance went up by 8.77 per cent to close at 62k, while Courteville Business Solutions appreciated by 8.57 per cent to close at 38k per share.

On the other hand, Morison Industries led the losers’ chart in percentage terms by 10 per cent to close at N1.89 per share.

Northern Nigeria Flour Mills followed with a decline of 9.94 per cent to close at N7.70, while Veritas Kapital Assurance shed 8.70 per cent to close at 21k per share.

Cornerstone Insurance lost 8.62 per cent to close at 53k, while Jaiz Bank depreciated by five per cent to close at 57k per share.

Transactions in the shares of Fidelity Bank topped the activity chart with 18.59 million shares valued at N46.77 million.

Guaranty Trust Holding Company followed with 18.27 million shares worth N512.42 million, while FBNH traded 18.15 million shares valued at N147.87 million.

Universal Insurance traded 15.48 million shares worth N3.23 million, while Champion Breweries transacted 14.19 million shares worth N29.09 million.

However, the total volume of trades dipped by 80.7 per cent to 202.36 million shares valued at N1.86 billion traded in 4,066 deals.

This was in contrast with 1.05 billion shares worth N7.42 billion exchanged in 3,752 deals recorded on Thursday.

Chinyere Joel-nwokeoma

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective.A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour.The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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