Nigerian Equities Rebound on Low Volume, Gain N103b

September 22, 2017
Equities Market

By Modupe Gbadeyanka

Nigerian stocks rebounded on Friday to erase yesterday’s marginal loss, closing today 0.85 percent higher to push the year-to-date return up to 32.05 percent.

Business Post reports that trading activities on the floor of the Nigerian Stock Exchange (NSE) finished the week on a positive note with investors gaining N103.4 billion despite the low volume of shares transacted at the market.

The All-Share-Index (ASI) appreciated by 299.84 points to close at 35,488.81 points, while the market capitalisation improved by N103 billion to settle at N12.2 trillion.

In addition, the market breadth further ended positive with 22 stocks appreciating in value, against 14 equities that depreciated.

Our correspondent reports that Nestle emerged the highest gainer, increasing by N4.95k to close at N1230 per share.

Likewise, Dangote Cement progressed by N3 to settle at N213 per share, while Unilever advanced by N2.10k to end at N44.10k per share.

In the same vein, Lafarge went up by N2 to finish at N51.48k per share, while PZ Cussons expanded by N1.20k to settle at N25.22k per share.

However, at the other end, it was not a good day for Nigerian Breweries as it lost N1.99k to close at N171.1k per share.

Just like Nestle, Julius Berger depreciated by N1.54k to close the day at N29.33k per share, and International Breweries fell by N1.40k to end at N37.55k per share.

Furthermore, Presco went down by 94k to finish at N57.6k per share, and NCR Nigeria deflated by 34k to shrink to N6.63k per share.

Like the previous day, banking stocks caught the attention of investors with GTBank emerging the centre of attraction, exchanging 39.8 million shares worth N1.6 billion.

It was followed by Jaiz Bank, which traded 36.3 million units for N25.4 million, and Access Bank, which sold 23.4 million shares valued at N225.8 million.

Also, FCMB exchanged 14.5 million shares worth N14.7 million, while Zenith Bank moved 7.6 million shares valued at N168 million.

In all, a total of 192.2 million shares worth N3.7 billion exchanged hands on Friday in 2,814 deals compared with 429.2 million shares traded on Thursday in 3,271 deals valued at N8.7 billion.

Like last week, the market only closed twice in the green territory this week.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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