NSE Index Rises 1.03% as Bulls Regain Control of Market

The Nigerian equities recorded a positive performance yesterday with the Nigerian Stock Exchange All Share Index (NSE ASI) appreciating by 1.03 per cent to close at 36,962.48. The positive performance followed the return of the bulls. The market had opened on Monday with a decline of 0.91 per cent majorly due to price losses recorded by bellwether stocks.

However, the bulls regained control of the market yesterday, lifting the index by 0.91 per, while market capitalisation ended higher at N12.74 trillion. Although price gainers and losers were 22 apiece, gains by Dangote Cement Plc, Nestle Nigeria Plc, Forte Oil Plc and Total among others made the bulls to have the upper hand.

But Total Nigeria Plc and Caverton Offshore Services Group (COSG) Plc led the price gainers with 5.0 per cent each. Some investors have renewed their demand for COSG apparently in reaction to the company’s new contract with Chevron Nigeria Limited (CNL).

Caverton Helicopters, a subsidiary of COSG, has been awarded a 5-year logistics support contract by CNL, operator of the Nigerian National Petroleum Corporation (NNPC/CNL Joint Venture, for provision of aviation services with a 2- year renewable option.

The Group Chairman of the Caverton, Mr. Remi Makanjuola had Caverton Helicopters was poised to continue to work on consolidating its vision to be the leading provider of premium aviation services in sub-Saharan Africa to the oil and gas industry.

“We are thankful to our clients, the aviation regulators, our shareholders, our staff and many others who have played a role in our development and success as a company,” he said.

Meanwhile, C & I Leasing occupied the third place on the gainers’ chart with 4.8 per cent, followed by UACN Property Development Company Plc with 4.7 per cent. Skye Bank Plc garnered 4.6 per cent, just as Vitafoam Nigeria Plc with 4.5 per cent.

Conversely, Conoil Plc led the price losers with 9.7 per cent, trailed by Mobil Oil Nigeria Plc and Neimeth International Pharmaceuticals Plc with 5.0 per cent each. UAC of Nigeria Plc and May & Baker Nigeria Plc and Union Bank of Nigeria Plc shed 4.8 per cent apiece.