Nigeria’s unlisted stock exchange loses 0.10%

By Dipo Olowookere

The first trading session of the week at the Nigerian Exchange (NGX) Limited started on a positive note on Monday, with the stock market appreciating 0.20% as of the close of business at 2:30 p.m.

The bullish performance was driven by share price gains from Seplat, GTCO, United Capital and others, increasing market capitalization by 56 billion naira to 28.214 trillion naira from 28.158 trillion naira as the All-Share Index (ASI) gained 104.82 points to close the session at 52,319.94 points against 52,215.12 points the previous session.

United Capital released its half-year results yesterday and investors were impressed with the company’s performance in the first six months of the year, prompting demand for the shares in the market.

Seplat improved its share price during the session by 10.00% to settle at N1430.50, Cornerstone Insurance was up 8.77% at 62 Kobo, RT Briscoe was up 8.11% to trade at 40 Kobo, Wema Bank rose 6.95% to N4.00, while Fidson climbed 5.21% to N9.90.

Conversely, CWG was the biggest price loser on Monday as its value fell 10.00% to 81 Kobo, Academy Press lost 9.50% to close at N2.00, Honeywell Flour depreciated from 9.09% to N2.50, NAHCO fell. 8.81% to N6.00, while Regency Assurance fell 7.41% to 25 Kobo.

Business post observed that despite the growth shown by the stock market yesterday, based on analysis of the price trend chart, investor sentiment was negative as there were 16 stocks up and 22 stocks down.

The market would have fallen during the session without the energy sector, which gained 4.02% thanks to the positive performance of Seplat.

The consumer goods sector lost 0.64%, the insurance space fell 0.53%, the banking index fell 0.04%, while the industrial goods counter closed.

Investors traded 116.3 million shares worth N3.5 billion in 4,525 trades during the session, compared to 190.1 million shares worth N4.1 billion. naira traded in 3,893 transactions last Friday, representing a decline in transaction volume and value of 38.83 percent and 16.09 percent respectively and a 16.23 percent increase in the number of transactions.

UBA traded the largest volume of shares with the sale of 12.9 million units worth N96.9 million, Zenith Bank sold 10.7 million units worth N235 .7 million naira, FBN Holdings traded 8.2 million units valued at 88.7 million naira, Access Holdings traded 6.7 million units valued at 62.7 million naira, while GTCO traded 5.9 million units for N125.4 million.

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