• Tuesday, December 05, 2023
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Investors’ sentiment turns positive at Customs Street


As full year financials of companies trickle on the floor of Nigerian Stock Exchange (NSE) ahead of Easter holiday, investors’ sentiment turned positive making the market to rebound.

The stock market yesterday halted the bear-run which had consecutively eroded its equities value in the past two days of this week. The benchmark performance indicators all closed northward. The NSE All Share Index (ASI) rose to 33,468.88 points against the preceding trading day’s level at 33,429.45 points while the market cap which stood at N10.697trillion closed positive at N10.709 trillion. Investors in 5,473 deals exchanged 305,320,393 shares valued at N3.385billion.

As buy tendencies remained high in favour of some stocks, their price rallied. Gains recorded in some stocks obviously contributed to the positive trend witnessed at the customs street yesterday. Some of them are Nestle Nigeria plc which rose from initial price of N916 to close at N940, adding N24. Also, Lafarge Cement WAPCO plc rose from N70 to N74.29, gaining N4.29; NewGold Exchange Traded Fund (ETF) gained N4, from N 2,451 to N2, 455; Okomu Oil Palm plc gained N3.36, from N67.24 to N70.60; while UACN Plc garnered N1.95, from N53.05 to N55.

The market would have rallied higher if not for losses recorded some blue-chip stocks. For instance, Dangote Cement plc led losers after its share price dropped from N151.90 to N 149.21, shedding N2.69; PZ Cussons plc also dipped from N39 to N36.70, losing N2.30.

Enamelware plc declined from N33.96 to N32.27, losing N1.69; Cement Company of Northern Nigeria dipped from N10.89 to N10, losing N0.89; while Forte Oil dropped from N14.33 to N13.65, losing N0.68.

This feat on the heels of companies like Cadbury Nigeria plc, Lafarge Cement WAPCO plc, Ecobank Transnational plc, Forte Oil plc, and Cement Company of Northern Nigeria plc that released their year-end audited financials yesterday.

Cement Company of Northern Nigeria recorded Profit After Tax decline to N1.196billion from N2.304billion in the preceding year. The company’s earnings per share dropped to 95kobo from 183kobo in 2011. Cadbury Nigeria plc recorded Profit After Tax decline to N3.454billion against the preceding year’s N3.670billion. The company’s earnings per share came down to 110 kobo against 117 kobo in 2011.

Lafarge Cement WAPCO plc Profit After Tax rose to N14.711billion from N8.639billion in 2011. The company’s earnings per share rose to 490kobo from 288 kobo in 2011.

Ecobank Transnational plc recorded increase in Profit After Tax to N45.486billion against N32.267billion in 2011. Its earnings per share dipped to N269.42 from N274.56; while its earnings per share, (diluted) stood at N206.07 down from N241.80 in 2011.

Forte Oil plc profit for the year in review rose to N1.007billion against a loss of N19.536billion in 2011. The company’s basic earnings per share stood at N0.87 against a negative level of N19.97 in 2011.