All-Share Index Rises 0.8% as Market Sustains Positive Momentum


By Goddy Egene

The stock market recorded further growth yesterday as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose 0.8 per cent to close at 39,110.17, while the market capitalisation added N167.6 billion to close at N20.4 trillion.

Although nine stocks appreciated compared with 20 stocks that depreciated, the performance was buoyed by strong demand for the shares BUA Cement Plc( 6.7 per cent), Zenith Bank Plc (2.0 per cent) and Access Bank Plc.

However, Jaiz Bank Plc led the price gainers’ chart with 10 per cent trailed by NEM Insurance Plc with 9.5 per cent. LASACO Assurance Plc chalked up 8.8 per cent, just as NPF Microfinance Bank Plc and Japaul Gold and Ventures Plc gained 8.3 per cent apiece.

Honeywell Flour Mills Plc appreciated by 8.1 per cent, while Union Diagnostic and Clinic Services Plc rose by 6.9 per cent. Other top price gainers included: ABC Transport Plc (6.0 per cent); Champion Breweries Plc (4.8 per cent); Sterling Bank Plc (3.6 per cent); CHI Plc (3.4 per cent); Cutix Plc (2.3 per cent);Eterna Plc (1.1 per cent).

Conversely, NCR Nigeria Plc led the price losers with 9.6 per cent, trailed by FTN Cocoa Processors Plc with 8.9 per cent as investors took profit on the stock.

FTN Cocoa Processors Plc had soared by 206 per cent in three weeks, rising from N0.26 to N0.89 following renewed demand by investors who are anticipating a rebound in the company’s fortunes. The company reduced its loss after tax to N352 million for the nine months ended September 30, 2020, from N355 million in the corresponding period of 2019. Despite the loss demand for stock has remained high.

Trans-nationwide Express Plc shed 8.8 per cent, just as Chams Plc went down by 8.7 per cent. AXA Mansard Insurance Plc, Courtville Business Solutions Plc and Prestige Assurance Plc depreciated by 4.7 per cent, 4.5 per cent and 4.2 per cent in that order.

Other top price losers included: Academy Press Plc (3.2 per cent); Wema Bank Plc (2.8 per cent); CAP Plc (2.4 per cent); Linkage Assurance Plc (2.0 per cent).

Meanwhile, activity level was mixed as volume traded rose 85.4 per cent to 722.6 million shares while value traded dipped 45 per cent to N4.4 billion. The most traded stocks by volume were AIICO Insurance Plc (273.1 million shares), Oando Plc( 81.4 million shares) and FBN Holdings Plc (41.1 million shares) while Dangote Cement Plc (N993.2 million), Zenith Bank (N742 million) and Access Bank Plc (N353.3 million) led the value table.