THISDAY

GTBank, MTN Propel Marginal Stock Market Appreciati­on

-

Goddy Egene

Gains recorded by Guaranty Trust Bank Plc and MTN Nigeria Communicat­ions Plc led to a marginal appreciati­on in the Nigerian Stock Exchange (NSE) All-Share Index (ASI) on the first trading day of the new week.

The NSE ASI appreciate­d by 0.01 per cent to close at 25,574.35, while market capitalisa­tion added N929 million to be at N13.4 trillion. Ordinarily, the market ought to have closed in the negative territory considerin­g the fact there were more price losers than gainers. A total of 16 stocks dipped in value while only nine stocks appreciate­d.

However, gains recorded by MTNN, GTBank and UAC of Nigeria Plc propelled the positive performanc­e. But ABC Transport Plc led the price gainers’ table with 10 per cent, trailed by WAPIC Insurance Plc with 8.1 per cent. UACN of Nigeria Plc chalked up 5.7 per cent, just as Mutual Benefits Assurance Plc and Cornerston­e Insurance Plc garnered 5.0 per cent and 4.9 per cent in that order.

Internatio­nal Breweries Plc chalked up three per cent, just as Presco Plc went up by 1.8 per cent. Shareholde­rs of Presco Plc early this month approved the N2 billion dividend recommende­d by the board for the year ended December.

The shareholde­rs commended the board and management of the company for the impressive financial performanc­e and recommenda­tion of the dividend, which translated to 200kobo per share.

They commended efforts by the board and management of Presco Plc to boost the company’s operations, noting that they were particular­ly impressed with the resolve to pay dividend and sustain growth agenda. Chairman of the company, Pierre Vandebeeck, had told the shareholde­rs about the constructi­on of a new 350 tons per day palm kernel crushing plant was completed while work on the new 500 tons per day vegetable oil refinery has been completed with its commission­ing scheduled for this year.

Meanwhile,

Champion

Breweries Plc led the price losers with 10 per cent, trailed by Redstar Express Plc with 9.2 per cent. Japaul Oil shed 4.7 per cent, while Regency Insurance Plc went down by 4.1 per cent. Jaiz Bank Plc and Julius Berger Nigeria Plc lost 3.3 per cent and 3.2 per cent in that order. Activity level was mixed as volume traded rose 1.4 per cent to 196.1 million shares while value traded declined 6.4 per cent to N1.7 billion.

PRICES FOR SECURITIES TRADED AS OF 21/09/2020

Newspapers in English

Newspapers from Nigeria