All-Share Index Rises 0.14%, Market Sustains Positive Momentum

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Goddy Egene

Gains in Guaranty Trust Bank Plc, Zenith Bank Plc and International Breweries Plc helped to sustain the positive momentum at the stock market yesterday with the Nigerian Stock Exchange (NSE) All-Share Index (ASI) appreciating by 0.14 per cent to close at 25,171.32. The market capitalisation gained N18.2 billion to close at N13.1 trillion.

However, activity level waned as volume and value traded fell 33.6 per cent and 37.6 per cent respectively to 180 million shares s and N1.5 billion. The top traded stocks by volume were Zenith Bank Plc (35.9 million shares), Access Bank (29.1 million shares) and Transcorp Plc (16.5 million shares) while Zenith Bank Plc (N605.2 million), GTBank (N201.3 million) and Access Bank Plc (N187.4 million) led by value.

In all, there were 13 price gainers and losers. Studio Press Plc led the price gainers’ chart with 10 per cent, trailed by International Breweries Plc with 7.1 per cent.

Jaiz Bank Plc chalked up 5.3 per cent, while Japaul Oil & Gas Plc and Mutual Benefit Assurance Plc gained 5.0 per cent apiece. AIICO Insurance Plc garnered 2.2 per cent, just as Wema Bank Plc and Transcorp Plc 2.0 per cent and 1.6 per cent respectively.

United Capital Plc gained 0.9 per cent as investors continued to react to the half year results ended June 30, 2020. The investment banking firm had reported an increase of 16 per cent in profit after tax, rising from N1.65 billion to N1.99 billion in 2019. Profit after tax (PAT) grew faster from N1.65 billion to N1.91 billion.

The Group Chief Executive Officer (CEO), United Capital Plc, Mr. Peter Ashade, had attributed the growth to their well-articulated plans, business continuity plan in economic crisis and solid risk assessment framework.

“With our well-articulated plans, business continuity plan in economic crisis and solid risk assessment framework we were able to deliver an increased revenue of over 37.26 per cent, increased PBT of 14.10 per cent and PAT increase of 15.98 per cent.
“During this same period, we successfully issued our N10 billion Series 1 bond under the N30 billion Medium-Term Debt Programme , the first to be issued by an investment banking firm in Nigeria -which was oversubscribed by about 24 per cent,” he said.
According to him, they remain assiduously committed to deliver greater returns to their shareholders, by constantly reviewing their strategy in the light of global and domestic happenings, ensuring that they provide value to all their stakeholders from time to time.