Stock market rises by 0.62%
… Equities gain N67bn as investors buy into recent dip
Nigerian stock investors saw the need to take advantage of recent value decline at the Bourse as they rushed to Custom Street on Thursday January 10 buying value stocks seen to be trading below their real values. Some of analysts stock picks for 2019 turned investors delight with resultant impact on their prices.
At the sound of closing gong by 2:30pm, no fewer than 21 stocks gained as against 15 losers. The value of stocks listed on the Nigerian Stock Exchange (NSE) increased from preceding day high of N10.940 trillion to N11.007 trillion, representing an increase of N67billion. Meanwhile, the stock market year-todate (YTD) returns currently stands at -6.09percent.
For instance, the share price of Julius Berger Nigeria Plc recorded the highest gain of N2.55 or 9.86percent, from N25.85 to N28.4, followed by GTBank Plc which increased from N31.3 to N33.2, up N1.9 or 6.07percent.
Also, the share price of Dangote Cement Plc increased from N170 to N171.5, up N1.5 or 0.88percent. Forte Oil Plc also increased from N26.55 to N28, adding N1.45 or 5.46percent; while Cement Company of Northern Nigeria Plc share price increased from N18.55 to N19.45, gaining 90kobo or 4.85percent.
Nestle Nigeria Plc occupied topmost position after its share price declined by N48.9 or 3.37percent, from N1450 to N1401.1. Guinness Nigeria Plc followed after its share price dipped by N7 or 10percent, from N70 to N63.
The share price of Okomu Oil Palm Plc also decreased from N83.75 to N82, down N1.75 or 2.09percent; while that of Access Bank Plc declined from N5.5 to N5.3, down by 20kobo or 3.64percent. The share price of NEM Insurance Plc was also down by 19kobo or 9.95percent, from N1.91 to N1.72.
In 3,677 deals stock dealers exchanged 385,291,613 units valued N3.067billion. Custodian Investment Plc, Access Bank Plc, FBN Holdings Plc, Diamond Bank Plc and United Bank for Africa Plc were actively traded stocks on the Nigerian Stock Exchange.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) moved up by 0.62percent, from 29,336.80points to 29,517.73points at the close of trading session on Thursday January 10. The NSE 30 Index increased by 0.57percent, from 1,324.97points to 1,332.52points.
The NSE Banking Index rose by 2.74percent, from 368.68 points to 378.78 points. NSE Consumer Goods Index declined by 1.75percent, from 716.14 points to 703.60points.
NSE Industrial Index advanced by 2.24percent, from 1,137.54 points to 1,163.06 points. NSE Insurance Index decreased by 2.05percent, from 116.56 points to 114.17points; while NSE Oil and Gas Index went up by 0.13percent, from 293.79points to 294.17points.