NSE Index Rises to 27,586.79, Market Sustains Positive Trend

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Goddy Egene

The Nigerian Stock Exchange (NSE) All-Share Index appreciated by 0.08 per cent as the Nigerian equities market sustained its positive trend yesterday. The NSE ASI closed at 27,586.79, while market capitalisation added N10.6 billion to be at N13.4 trillion.

Similarly, activity level increased as volume of trading rose 164 per cent to 294.4 million shares, while value traded increased by 123.9 per cent to N3.5 billion respectively. The top traded stocks by volume were UAC-Property Development Company Plc (61.7 million shares), Access Bank Plc (55.1 million shares) and Guaranty Trust Bank Plc (52.0 million shares) while GTBank (N1.4 billion), MTN Nigeria Communications Plc (N487.3 million), and Access Bank Plc (N369.4 million) were the top traded stocks by value.

A total of 13 stocks appreciated, led by International Breweries Plc with 10 per cent, trailed by Cornerstone Insurance Plc with 8.7 per cent. Continental Reinsurance Plc chalked up 8.6 per cent, just as Ecobank Transnational Incorporated Plc and Mutual Benefits Assurance Plc went up by 5.4 per cent and 4.7 per cent in that order. Caverton Offshore Support Group Plc and Cutix Plc garnered 4.4 per cent and 3.3 per cent respectively.

United Bank for Africa (UBA)Plc also gained 3.2 per cent as investors continued to react to the half year results announced last Friday.

UBA posted a growth of 21 per cent in its profit before tax for the year ended June 30, 2019, rising to N70.3 billion from N58.1 billion in 2018. Profit after tax grew faster by 29.6 per cent to N56.7 billion, compared to N43.8 billion achieved in the corresponding period of 2018.

The bank’s total assets grew by 4.8 per cent crossing the N5 trillion mark to N5.10 trillion as at the end of June, while customer deposits also rose by 4.8 per cent to N3.51 trillion, compared to N3.35 trillion as at December 2018.

Conversely, Tripple Gee & Company Plc led the price losers with 9.5 per cent, trailed by Sterling Bank Plc with 8.0 per cent. UACN Property Development Plc went down by 6.8 per cent, just as LASACO Assurance Plc shed 6.6 per cent among others.

Meanwhile, sectorally the performance was mixed as two of the five sectors tracked rose while two declined. The NSE Insurance Index led 1.8 per cent. The NSE Industrial Goods Index rose 0.6 per cent. Conversely, the NSE Consumer Goods Index led the losers with 0.4 per cent, while the NSE Banking Index fell by 0.3 per cent. The NSE Oil & Gas Index declined 0.2 per cent.