Investors Gain N68bn On Positive Trends Return
UMORU ABDULKADIR
Following the public holiday declared by the Federal Government of Nigeria on Monday to mark the 2019 Eid-ul-Maulud celebration, stock trading began on the Nigerian Stock Exchange (NSE) Tuesday.
At the close of trading today, equities market closed positive as the benchmark index appreciated by 0.54 per cent to close at 26,456.39 points on gains in large cap stocks.
The NSE All Share Index (NSE) which opened the week at 26,314.49 points gained 0.54percent to 26,456.39 points at the close of trading, while the value of listed equities improved from N12.810 trillion to N12.878 trillion with investors gaining N68 billion.
Accordingly, the market breadth index closed positive with 18 gainers led by Cement Company of Northern Nigeria when compared to 11 losers topped by Ikeja Hotels.
Cement Company of Northern Nigeria Plc with a gain of +9.14 percent emerged the topmost gainer, while Ikeja Hotels Plc with a loss of -9.28 percent recorded the worst loss after the trading session on the floor of the Nigerian Stock Exchange on Tuesday
In terms of sector performance, the NSE Industrial index rose by 1.85 percent, on the back of the buy interest in the shares of Cement Company of Northern Nigeria Plc and Dangote Cement Plc; both appreciated +9.14 percent and +0.96 percent each.
The NSE Banking index surged by 1.35 percent, as a result of the strong gains recorded in the shares of mid-tier lender, Wema Bank Plc and United Bank for Africa Plc; both surged +6.78 percent and +4.55 percent apiece, while Access Bank Plc and Zenith Bank Plc gained +3.80 percent and +1.46 percent each.
NSE Consumer Goods index increased by 0.33 percent due to the gains in the shares of Laboratory Services Company, Union Diagnostic & Clinical Services Plc and Honeywell Flour Mills Plc; both appreciated +9.09 percent and +4.08 percent each. The NSE Oil & Gas Index closed flat.
The volume of stocks traded decreased by 12.52 per cent from 432.47million to 378.34million, while the total value of stocks traded increased by 28.17percent from N5.57billion to N7.15billion in 4,798 deals.
A Research Economist/Analyst at Ecobank, Mr. Kunle Ezun is optimistic that the maarket will continue its upward trajectory the next trading session as the Nigerian Equities market continue to experience positive/strong sentiment and renewed buying interest.
“The equities market closed positive today following the gains recorded in most sectors. We maintain that investors should take positions in quality names with a medium to long time investment horizon as prices remain attractive at current levels.”s
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