All-Share Index Rises as Equities Market Opens on Positive Note

The equities market started the week on positive note yesterday, as the Nigerian Stock Exchange (NSE) All-Share Index rose 0.07 per cent to close at 37, 647.93 compared with the bearish performance last week.

However, the bullish performance was fragile and may be unsustainable given the fact 19 stocks appreciated while 27 depreciated.

But for Dangote Cement Plc that was among the price gainers, the market would have actually closed lower.

C & I Leasing Plc led the price gainers, chalking up 9.7 per cent trailed by First Aluminium Plc with 7.8 per cent.

Champion Breweries Plc, NAHCO Plc and LASACO Insurance Plc added 7.4 per cent, 6.3 per cent and 5.8 per cent respectively.

Other top price gainers included: Equity Assurance Plc (4.5 per cent); Forte Oil Plc(3.0 per cent) and Cement Company of Northern Nigeria Plc (2.9 per cent); Flour Mills of Nigeria Plc (2.6 per cent).

Flour Mills last week announced its full year results for the year ended March 31, 2018, recommending a dividend of 100 kobo per share.

The company posted a revenue of N542.670 billion, compared with N524.64 billion in 2017. Cost of finance recorded a marginal growth from N32.529 billion to N32.697 billion. Profit before tax improved from N10.473 billion to N16.546 billion, while profit after tax settled at N13.615 billion in 2018 compared with N8.836 billion in 2016.

Meanwhile, Unity Bank Plc led the price losers with 9.01 per cent, trailed by Multiverse Mining and Exploration Plc with 8.3 per cent.

DN Tyre Plc, NASCON Allied Industries Plc and Jaiz Bank Plc shed 6.9 per cent, 5.2 per cent and 4.5 per cent in that order.

Other top price losers were: Regency Alliance Insurance Plc(4.1 per cent); Skye Bank Plc (4.1 per cent); Dangote Sugar Refinery Plc, Sovereign Trust Assurance Plc (3.7 per cent each) and N.E.M Insurance Plc (2.7 per cent).