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FBN Holdings, UACN, Zenith Bank, Zenith Bank drives NSE to N3.89bn on 383.3m shares

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Naija247news, Nigeria
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

NSE: Investors staked N3.89bn on 383.3m shares in bullish trading
By Chinyere Joel-Nwokeoma
Lagos, Aug. 5, 2020 The volume of shares traded on the Nigerian Stock Exchange (NSE) on Wednesday improved by 148.13 per cent with an exchange of 383.29 million shares worth N3.89 billion in 3,860 deals.

This was in contrast with a total of 154.47 million shares valued at N1.46 billion transacted in 4,222 deals on Tuesday.

Transactions in the shares of UACN dominated the activity chart with 81.74 million shares valued at N471.54 million.

It was trailed by FBN Holdings with 66.44 million shares worth N334.16 million, while csold 59.19 million shares valued at N378.76 million.

Zenith Bank accounted for 30.79 million shares worth N521.19 million, while Presco traded 26.16 million shares valued at N1.26 billion.

Also, the All-Share Index (ASI) increased by 40.10 points or 0.16 per cent to close at 24,882.04 compared with 24,841.94 recorded on Tuesday.

In the same vein, the market capitalisation appreciated further by N20 billion or 0.16 per cent to close at N12.979 trillion against N12.959 trillion on Tuesday.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are: Mobil Oil, Stanbic IBTC Holdings, Chemical and Allied Products (CAP), Presco and Guaranty Trust Bank.

Analysts at Afrinvest Limited said, “For the rest of the week, we expect market performance to move in tandem with the trend in earnings releases.”

Market sentiment remained positive with 18 gainers in contrast with 12 losers.

A breakdown of the price movement chart shows that CAP recorded the highest price gain of 9.74 per cent to close at N16.90 per share.

UACN Property Development Company followed with 9.52 per cent to close at 92k, while GlaxoSmithKline rose by 6.19 per cent to close at N5.15 per share.

Neimeth International grew by 5.42 per cent to close at N1.75, while Transcorp appreciated by 5.08 per cent to close at 62k per share.

Conversely, Eterna led the losers’ chart in percentage terms, dropping by nine per cent to close at N1.82 per share.

Livestock Feeds came second with a loss of 4.62 per cent to close at 62k, while Mutual Benefits Assurance dipped 4.55 per cent to close at 21k per share.

Lasaco Assurance dipped four per cent to close at 24k, while May and Baker depreciated by 3.33 per cent to close at N2.90 per share

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