Equities Market Hits New High as All-Share Index Rises to 40,362.97

The Nigerian equities market hit a three-year high yesterday with the Nigerian Stock Exchange (NSE) All-Share Index (NSE ASI) crossing the 40,000 threshold to close at 40,362.97. This followed persistent rally in the market on positive sentiments. After rebounding in 2017 with 42.3 per cent, the market has remained bullish in 2018 on bargain hunting. The sustained demand lifted the market by 1.29 per cent to close at 40,362.97, while market capitalisation added N182.7 billion to close N14.36 trillion.

In all, 47 stocks appreciated yesterday, while only seven depreciated. Although gains recorded in the share prices of FBN Holdings, Zenith Bank, Transcorp, Access Bank and GT- Bank were mainly responsible for rise in the index, Dangote Flour Mills Plc led the price gainers’ chart.

Flour Mills chalked up 10 per cent, trailed by FCMB Group Plc with 9.05 per cent, while WAPIC Insurance Plc garnered 7.4 per cent. Diamond Bank Plc and Honeywell Flour Mills Plc went up by 6.5 per cent and 5.3 per cent in that order.

Diamond Bank was recently appointed as a Forum Member Adviser to the World Economic Forum (WEF). According to a statement, Diamond Bank is the first Nigerian company and only the second African company to become a WEF Adviser.

“Membership is on an invitation only basis and is extended only to the most dynamic businesses, who are using tech-driven disruption to drive growth,” the statement explained. Commenting on the appointment, the Chief Executive Officer of Diamond Bank, Uzoma Dozie, said: “I am delighted that Diamond Bank was invited to join as a Forum Member Adviser of the WEF as it is testament to our status as one of Nigeria’s leading innovators. I am also thrilled to be attending this year’s annual meeting in Davos, where I will be presenting my views on the three key areas of financial inclusion, Nigeria’s positive outlook and the future of banking.”

Meanwhile, UACN Property Development Company Plc led the price losers with 4.7 per cent, trailed by NAHCO with 4.6 per cent. Nestle Nigeria Plc shed 3.3 per cent, while Union Bank of Nigeria Plc closed 2.6 per cent lower.