NSE All-Share Index Inches Higher as Market Sustains Positive Performance


Goddy Egene

The Nigerian equities sustained its positive performance for the second day with the Nigerian Stock Exchange (NSE) All-Share Index (ASI) rising by 1.01 per cent to close at 27,426.64, while market capitalisation added N141.3 billion to be at N13.4 trillion.

The market, which went up by 0.39 per cent on the day the Presidential Elections Tribunal ruled in favour of President Muhammadu Buhari, appreciated further yesterday as 22 stocks added value while only seven stocks depreciated.

AIICO Insurance Plc led the price gainers with 9.8 per cent, trailed by Forte Oil Plc with 9.0 per cent, while AIICO Insurance recently got a new managing director, shareholders of Forte Oil approved plans by the petroleum product marketing firm to acquire more downstream assets.

UACN Property Development Company Plc also appreciated by 9.6 per cent, just as Dangote Sugar Refinery Plc chalked up 9.4 per cent. Chams Plc garnered 8.3 per cent, while Caverton Offshore Group Services Plc gained 7.2 per cent.

Cornerstone Insurance Plc and Nestle Nigeria Plc went up 7.1 per cent apiece, while Fidelity Bank Plc and Lafarge Africa Plc chalked up 6.4 per cent and 3.1 per cent in that order. FBN Holdings Plc, United Bank for Africa Plc, Zenith Bank Plc, FCMB Holdings Plc and Access Bank Plc were also among the price gainers.

Conversely, Jaiz Bank Plc led the price losers with 5.0 per cent, trailed by NPF Microfinance Bank Plc with 4.3 per cent. Unity Bank Plc and LASACO Assurance Plc shed 4.2 per cent and 3.4 per cent in that order. NASCON Allied Industries Plc went down by 2.3 per cent.

Meanwhile, activity level declined as volume and value traded fell 45.5 per cent and 41.1 per cent to 115.3 million shares units and N854.3 million respectively. The top traded stocks by volume were Access Bank Plc (17.0 million shares), Transcorp (14.7 million shares) and Union Bank of Nigeria (10.1 million shares) while GTBank Plc (N198.8 million), Access Bank (N119.3 million) and Zenith Bank Plc (N104.5 million) led by value.

In terms of sectorally performance, the NSE Consumer Goods Index led gainers, up 3.8 per cent while the NSE Banking Index trailed, rising by 1.7 per cent. The NSE Industrial Goods Index rose 1.1 per cent, just as the NSE Insurance Index went up by 0.6 per cent. The NSE Oil & Gas Index inched higher by 0.5 per cent.