Stock market index gains 0.89% on investors buy decision

The Nigerian stock market index gained 0.89 percent yesterday driven by investors’ decisions to buy more stocks in addition to their existing portfolio ahead of quoted companies Full Year financial releases at the Customs Street.

In addition to NewGold Exchange Traded Fund (ETF) and Okomu Oil Palm plc, stock price gains recorded by blue-chip stocks like Nestle Nigerian plc, Dangote Cement plc, and Flour Mills Nigeria plc helped to sustain the stock market’s positive movement.

For instance, NewGold gained N27 from N2,453 to N2,480; Nestle gained N7 from N843 to N850; Dangote Cement rose by N5.5kobo from N141.50 to N147; Okomu Oil Palm gained N2, from N55 to N57; while Flourmill Nigeria plc rallied from N76.25 to N78, adding N1.75.

On the laggard side, Guinness Nigeria plc lost N10.49kobo after its share price dropped from N275.50 to N265.01, losing N10.49; while UACN plc lost N1.95, after declining from N55 to N53.05.

Other losers at the market yesterday are GlaxoSmithKline Consumer Nigeria plc which dipped from N48.90 to N47.51, after shedding N1.39; Cement Company of Northern Nigeria plc lost N0.99, from N12.99 to N12; while Nigerian Breweries plc dipped by N0.71 from N166.80 to N166.09 to join the top losers.

At the end of trading yesterday, the Nigerian Stock Exchange (NSE) All Share Index (ASI) closed at 33,243.53 points against the preceding trading day’s level at 32,950.08; while the stock market capitalisation rose to N10.637trillion against the preceding day’s N10.543trillion. This feat was achieved as investors exchanged 230,585,075 shares valued at N2.561billion in 4,792 deals.

Meanwhile, deals recorded in the shares of UBA plc, Transnational Corporation plc, Guaranty Trust Bank plc, Zenith Bank plc, Unity Bank plc helped to buoy the volume of stocks traded at the Nigerian bourse. 

IHEANYI NWACHUKWU