The Nigerian bourse Monday opened the week on a bullish note as the market capitalisation of equities added N57 billion, following sustained demand by investors. The bulls overwhelmed the bears as 34 stocks appreciated; compared with 14 that declined.
By the close of trading, the market capitalisation, which opened at N8.419 trillion, rose to N8.476 trillion, while the Nigerian Stock Exchange (NSE) All-Share Index grew by 0.67 per cent from 26,442.67 to close at 26,618.70. This has brought the year-to-date (YTD) growth of the ASI to 28.54 per cent.
An analysis of the price gainers’ table showed that Nestle Nigeria Plc led with N10.00 to close at N625.00 per share; trailed by Unilever Nigeria Plc with N2.09 to close at N43.90 per share. Zenith Bank Plc and Glaxosmithkline Consumer Plc chalked up N0.88 and N0.70 to close higher at N17.98 and N38.70 respectively.
Union of Nigeria Plc also closed among the top five highest price gainers as investors continued to react to favourable information disclosed by the Group managing director of the Bank, Mrs. Funke Osibodu, last week. Union Bank garnered N0.58 to close at N8.99.
Osibodu had last week disclosed that the bank had repaid the N120 billion it was given by the Central Bank of Nigeria (CBN) in 2009. According to her, post-intervention, Union Bank is now in a stronger financial position.
“The bank now has a low non-performing loan ratio of five per cent compared with 40 per cent, before intervention; strong liquidity as against weak liquidity; solid capitalisation with capital adequacy ratio of 20.79 per cent. The bank also has increased number of profitable branches, strengthened corporate governance, younger workforce and improved financial accountability,” she said.
Meanwhile, Nigerian Breweries Plc led the price losers with N2.30 to close at N137.55 per share. Okomu Oil Palm Plc trailed with a decline of N0.70 to be at N35 per share, while Aribico Plc shed N0.44 to be at N8.49 per share.