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Gains Seplat, Stanbic, Guinness Nigeria, MTNN, NASCON Spikes Market Caps to N26bn

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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.

By Chinyere Joel-Nwokeoma
Lagos, Aug. 6, 2020 The market capitalisation of the Nigerian Stock Exchange (NSE) on Thursday advanced by N26 billion to hit N13 trillion mark.

Speficially, the market capitalisation closed higher at N13.005 trillion compared with N12.979 trillion recorded on Wednesday.

In the same vein, the All-Share which opened at 24,882.04 improved by 48.30 points or 0.19 per cent to close at 24,930.34.

The upturn was impacted by gains recorded in large and medium capitalised stocks, amongst which are; Seplat, Stanbic IBTC Holdings, Guinness Nigeria, MTN Nigeria Communications and NASCON Allied Industries.

Capital market analysts noted that the domestic equities market sustained its bullish streak for the fifth consecutive session, following continued interest in banking stocks.

Analysts at Afrinvest Limited said that “following four consecutive bullish sessions and profit-taking witnessed earlier, we could see profit-taking activities drag market performance in the next trading session.

“However, we expect the equities market to close on a positive note for the week.”

Market sentiment, as measured by the market breadth, was positive with 20 gainers and 10 losers.

Seplat led the gainers’ chart in percentage terms, gaining 9.03 per cent, to close at N350 per share.

Fidson followed with 8.57 per cent to close at N3.42, while Stanbic IBTC Holdings rose by 4.76 per cent to close at N33 per share.

Eterna rose by 4.40 per cent to close at N1.90, while UACN Property Development appreciated by 4.35 per cent to close at 96k per share.

Conversely, Union Bank of Nigeria recorded the highest loss to lead the laggards’ chart in percentage terms, dropping 7.41 per cent to close at N5 per share.

Learn Africa followed with a decline of 6.93 per cent to close at 94k, while Linkage Assurances dipped five per cent to close at 38k per share.

Japaul Oil & Maritime Services lost 4.55 per cent to close at 21k, while May and Baker Nigeria shed 3.45 per cent to close at N2.80 per share.

In spite of the growth in market indices, the total volume of shares traded declined by 54.67 per cent to 173.748 million shares worth N2.13 billion in 3,646 deals.

This was in contrast with 383.29 million shares value at N3.39 billion achieved in 3,860 deals on Wednesday.

FBN Holdings drove the activity chart with an exchange of 29.78 million shares valued at N150.25 million.

Guaranty Trust Bank came second with 13.16 million shares worth N312.62 million, while Custodian Investment sold 12.85 million shares valued at N64.25 million.

Transcorp accounted for 10.75 million shares worth N6.65 million, while Lafarge Africa transacted 9.96 million shares valued at N116.63 million.

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