ISMAILA MUSA
Gains posted by the banking sectors Thursday hedged losses recorded in other sectors to close the NSE-ASI positive for the second time in the week.
The Nigerian equities market closed positive Thursday as NSE-ASI gained 0.13 per cent to close at 21,757.47pts. Similarly, market breadth index was positive with 24 gainers against 7 losers.
Reflecting growth in the equities market capitalisation, the NSE Banking Index rose by 5.99 per cent, on the back of the buy-interests in UBN which gained 10.00 per cent, ACCESS bank by +9.82 per cent, UBA’s 7.29 per cent growth , STERLNBANK rise in equity pricing by 6.93 per cent and FIDELITYBK’s 6.47 per cent rise in price.
However, the NSE Industrial Index dropped by 0.16 per cent, due to the 2.11 per cent loss in WAPCO. The NSE Oil & Gas Index dipped by 0.21 per cent, as a result of the decline in OANDO by 2.27 per cent, while the NSE Consumer Goods Index also declined by 4.61 per cent, due to the sell-offs in NESTLE as it lost 10.00 per cent of its share price and NB’s 0.74 per cent dip.
GUARANTY led the gainers on Thursday with N0.9 or 5.26 per cent growth in share price, closing the day at N18 per share, followed by UBN with 0.6 or 9.82 per cent growth, closing at N6.6 per share, while ACCESS as the third-best gainer, rose in equity price by N0.55 or 9.82 per cent, to end at N6.15 per share.
CADBURY, as the fourth best gainer, rose by N0.55 or 9.73 per cent, closing trade at N6.2 per share, while UBA close the top five gainers chart at N5.15 per share, having appreciated by N0.35 or 7.29 per cent.
NESTLE led the decliners Thursday with N85 or 10.00 per cent, closing trade at N765 per share. STANBIC followed with N1.8 or 6.90 per cent loss, to close at N24.3 per share, while JBERGER, as the third highest loser dipped by N1.7 or 7.17 per cent, to end the day at N22 per share.
GLAXOSMITH closed fourth on the decliners chart following N0.3 or 7.89 per cent loss in share price, to close at N3.5 per share, while NB closed the top five losers chart at N26.8 per share, having declined by N0.2 or 0.74 per cent.
ZENITHBANK closed as the most active stock with 40,604,191 million shares turnover, valued N488,841,282.70 million, followed by UBA with 15,949,314 million shares, worth N79,337,990.45 million, while STERLNBANK closed as the third most active stock, with 13,187,391 million shares worth N13,676,717.55 million.
FCMB, the fourth most active stock recorded 12,300,016 million shares , worth N18,496,372.54 million, while ACCESS closed the top five active stocks table with 10,272,179 million shares , worth N61,155,527.60 million.
The equities market closed up Thursday due to the gains recorded in the Banking sector. While it is believe the risk-off sentiment on the back of weak oil price, as well as the impact of Coronavirus, could have caused the recent sell-off in the market, Investors however need to take opportunity provided by this best periods to start picking some of the quality names with a medium to long term horizon
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