Stock Market Sustains Gain, Appreciates By N34.823bn
Nigerian Stock Exchange (NSE) sustained its recent growth, albeit marginal, as the All Share Index and Market Capitalization rose by 0.17 percent on Friday.
The ASI appreciated by 66.56 index point after opening trasaftion at 38,799.83 basis point to close at 38,866.39 basis point, while the Equities Captilization gained N34.823 billion to close at
N20.335 trillion up from N20.300 trillion.
The marginal growth on Friday of the Nigerian Bourse was impacted by the rise in share price of medium scale equities like, First City Monument Bank (FCMB), Honyflour Plc, Sovereign Trsut Institute, Japaul Gold Plc and Livestock Feeds.
Friday’s gain by the NSE is the third consecutive appreciation of the Stock market, following its 0.02 and 0.07 percent leapt on Wednesday and Thursday respectively.
The positive trend by investors towards the end Nigerian Stock Market may not be uncommon with the confidence restored on the economy on Tuesday by the international Monetary Fund (IMF).The IMF had projected that Nigeria’s economy would grow by 2.4 percent in 2021.
The new projection is contained in the April 2021 World Economic Outlook (WEO) presented Tuesday in Washington D.C. by Gita Gopinath, the IMF’s Chief Economist at the ongoing IMF/World Bank Spring Meetings which began on Monday and scheduled to end Sunday.
The Fund also projected six percent growth for the global economy in 2021, moderating to 4.4 percent in 2022, estimated the growth for Sub-Saharan Africa, at 3.4 percent, with South Africa at 3.1 percent. .The new global projection came after an estimated contraction of –3.3 percent in 2020.
Further checks on activities of the NSE on Friday shows that the market turnover increased by 10.54 percent when 160.649 million shares valued at N1. 280 billion in 3,507 deals exchanged hands, as against 145.331 million shares worth N1,575 billion in 3,525 deals the previous day.
Also, the market breadth came out level, with 14 stocks appreciating as well as 14 decliners compared to 13 gainers and 12 losers on Thursday.
Guinness Nigeria led the losers’ chart in percentage parameters, losing 10 percent to close at N29. 7 Kobo per share.
Unity Bank Plc and ABC Transport shed 9.86 and 9.09 percent to close at N0. 64 Kobo and N0. 30 Kobo per share respectively.Also, Mutual Benefit Assurance Plc and UAC Property dipped by 7.14 and 6.25 percent to close at N0. 39 Kobo and N0. 75 Kobo per share respectively.
On the flip side, Honyflour Plc dominated the gainers’ chart in percentage parameters, when it rose by 8.85 percent to close at N1. 23 Kobo per share.
In the same vein, Sovereign Trsut Institute leapt by 8.70 percent to close at N0. 25 Kobo per share, while Japaul Gold surged by 8.62 percent to close at N0. 63 Kobo per share.
Livestock Feeds led and First City Monument Bank (FCMB) jumped by 7.22 and 6.57 percent to close at N1. 93 Kobo and N2. 92 Kobo per share respectively.
Mutual Benefit Assurance was the most active on the NSE with 22.909 million shares worth N8. 955 million, while Guaranty Trust Bank was the most valuable stock at N266.892 million.
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