Larger Cap stocks push NSE to new highs

…year-to-date returns turn positive

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Nigeria stock market reached a new high on Thursday February 7, 2019 as more investors decided to buy largely capitalised stocks like Nestle Nigeria Plc, GTBank Plc, Forte Oil Plc, Dangote Cement Plc, and that of Zenith Bank Plc.

The year-to-date (ytd) returns turned positive at +0.01percent. At the sound of closing gong 25 stocks gained against 12 losers. The Nigerian Stock Exchange (NSE) All Share Index (ASI) appreciated by 1.98percent to close at 31,433.49points from a low of 30, 821.80 points recorded the preceding trading day.

The value of listed equities increased to N11.722trillion. In 4,047 deals stock dealers exchanged 436,748,814 units valued at N5.880billion. United Bank for Africa Plc, Zenith Bank Plc, Access Bank Plc, FBN Holdings Plc and GTBank Plc were actively traded stocks on the Nigerian Stock Exchange on Thursday.

Nestle Nigeria Plc recorded the highest gain after its share price increased from N1,460 to N1,470, adding N10 or 0.68percent; followed by GTBank Plc which advanced from N34.7 to N38, adding N3.3 or 9.51percent.

Forte Oil Plc share price gained N2.7 or 10percent, from N27 to N29.7; Dangote Cement Plc gained N2 or 1.06percent, from N188 to N190. Zenith Bank Plc stock price advanced from N22.8 to N24.45, adding N1.65 or 7.24percent.

Meanwhile, on the laggards list, Conoil Plc recorded the highest decline after its share price dropped from N23.25 to N23, losing 25kobo or 1.08percent, followed by NEM Insurance Plc which lost 15kobo or 6.12percent, from N2.45 to N2.3.

Learn Africa Plc share price declined by 10kobo or 6.67percent, from N1.5 to N1.4; followed by Transnational Express Plc which saw a dip of 6kobo or 8.70percent, from 69kobo to 63kobo, while the share price of Fidelity Bank Plc decreased by 5kobo or 2.08percent, from N2.4 to N2.35.

 

Iheanyi Nwachukwu

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