Saturday, February 24Inside Business Africa

ABC transport, Wapic Insurance others lift NSE index by 0.01%

Following price gains recorded by most blue-chip stocks, especially Associated Bus Company (ABC), and  Wapic Insurance, reopened transactions on the equities sector of the Nigerian Stock Exchange (NSE), in an upward trend, yesterday, causing the All Share Index (ASI) to increase by 0.01 per cent.

At the close of trading yesterday, market capitalisation increased by N1 billion or 0.007 per cent from N13.364 trillion recorded on Friday to N13.365 trillion, Monday yesterday. The All Share Index (ASI) appreciated by 1.78 absolute points, representing a growth of 0.01 per cent to close at 25,574.35 points.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, including Presco, UAC of Nigeria (UACN), International Breweries, MTN Nigeria Communications (MTNN), and Guaranty Trust Bank.

Analysts at Afrinvest Limited, said: “We expect to see positive performance in subsequent trading sessions on the back of buying interest in low-priced stocks.”

Market sentiment, as measured by the market breadth, was negative, as nine stocks gained relative to 16 losers. Associated Bus Company recorded the highest price gain of 10 per cent to close at 33 kobo per share.

Wapic Insurance followed with 8.11 per cent gain to close at 40 kobo, while UACN appreciated by 5.79 per cent to close at N6.40, per share.

Mutual Benefits Assurance advanced five per cent to close at 21 kobo, while Cornerstone Insurance appreciated by 4.92 per cent, to close at 64 kobo, per share.

On the other hand, Champion Breweries led the losers’ chart by 10 per cent to close at 81 kobo per share. Red Star Express followed with 9.20 per cent to close at N2.96, while Japaul Oil and Maritime Services lost 4.76 per cent to close at 20 kobo, per share.

Regency Alliance Insurance Company shed 4.17 per cent to close at 23 kobo, and Jaiz Bank slipped 3.39 per cent to close at 57 kobo, per share.

The total volume traded creased by 1.36 per cent to 196.122 million shares worth N1.728 billion, traded in 3,542 deals. Transactions in the shares of FBN Holdings (FBNH) topped the activity chart with 43.389 million shares valued at N214.452 million.

Chams followed with 26.209 million shares worth N5.262 million, and United Bank for Africa (UBA) traded 13.186 million shares valued at N79.087 million.

Mutual Benefits Assurance traded 12.231 million shares at N2.507 million, while Zenith Bank transacted 11.660 million shares worth N195.077 million.

Source: Guardian

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