Investors Stake N3.1bn on 218m Shares as Index Closes Flat

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By Goddy Egene

Investors staked N3.139 billion on 218.424 million shares in 3,896 deals yesterday as the stock market declined by 37.5 per cent from the N5.019 billion invested in 535.831 million shares in 4,498 deals the previous day.

Apart from the value and volume of trading that declined, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) closed almost flat after recovering from four days of decline the previous day. Specifically, the NSE ASI closed at 28,344.33, compared with 28,344.04 the previous day.

An analysis of the activity chart showed that Zenith Bank Plc closed at the most traded in volume terms with 53.1 million shares, followed by United Bank for Africa Plc with 33.5 million shares, while Guaranty Trust Bank Plc recorded 25.1 million shares.

In value terms, Zenith Bank Plc led with N1.1 billion, trailed by GTBank that recorded N753.2 million, just as Stanbic IBTC Holdings Plc ended with N269.8 million.

A total of 14 stocks appreciated while 11 stocks depreciated. Eterna Plc led the price gainers with 9.8 per cent, followed by Academy Press Plc with 7.4 per cent. African Prudential Plc went up by 5.7 per cent, just as Cornerstone Insurance Plc garnered 5.0 per cent.

PZ Cussons Nigeria Plc also gained 5.0 per cent. The conglomerate recently announced a revenue of N18.7 billion for the first quarter ended May 31, 2020, showing an increase of 18.3 per cent compared with 15.808 billion in the corresponding period of 2019.

PZ Cussons was able to reduce its loss to N212.358 million from N1.096 billion in 2019. The company is expected to get boost from the sale of portion of land situate within its Ikorodu Industrial Estate to FrieslandCampinaWamco Nigeria Plc.

The Chairman, PZ Cussons Nigeria Plc, Chief Kola Jamodu, had explained the sale of the immovable assets will lead to an increase in the retained earnings of the company “by unlocking value in the company’s real property assets.”

Meanwhile, E-Tranzact Plc led price losers with 9.9 per cent, trailed by Wema Bank Plc with 5.1 per cent. Courtville Business Solutions Plc and FCMB Group Plc shed 4.7 per cent and 3.8 per cent respectively.

Ardova Plc and Stanbic IBTC Holdings Plc went down by 3.6 per cent and 3.4 per cent in that order. Caverton lost 2.7 per cent, while Jaiz Bank Plc, FBN Holdings Plc 1.6 per cent and 0.8 per cent.