Nigerian Stock Market resumes bullish

By Salamatu Ejembi, Lagos.

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The logo of the Nigerian Stock Exchange (NSE).

Activities on the floor of the Nigerian Stock Exchange have resumed this year bullish.

Since the start of transactions this year 2020, the equities market has been appreciating, with the Market Capitalization re-entering the 13 trillion Naira mark on Friday.

Also to begin this week’s trading, the All Share Index as well as the Market Capitalization climbed up 1.38% on Monday, where the All Share Index significantly entered 27,339.68 basis points, 370.89 basis points up from Friday’s 26,339.68 basis points. And the Market Capitalization stood at 13,199 trillion Naira, 180 billion Naira higher than Friday’s 13,019 trillion Naira.

On Monday, investors exchanged a volume of 520,434 million shares valued at N5,351 billion Naira in 5,784.00 deals which saw 30 stocks appreciate, 13 depreciate as all others had their prices unchanged.

To lead the gainers table is FCMB GROUP PLC with an opening price of N1.90k per share, closing at N2.09k per share, gaining 0.19k or 10.00 percent.

Next is CORNERSTONE INSURANCE PLC with an opening price of 0.53k per share, closing at 0.58k per share, gaining 0.05k or 9.43 percent.

Then UNITY BANK PLC opened at 0.67k per share and closed at 0.73k per share, gaining 0.06k or 8.96 percent.

On the losers’ table is PZ CUSSONS NIGERIA PLC leading with an opening price of N5.65k per share and a closing price of N5.10k per share, losing 0.55k or 9.73 percent.

Followed by NIGER INSURANCE PLC, which opened at 0.22k per share and closed at 0.20k per share, losing 0.02k or 9.09 percent. And UNION DIAGNOSTICS PLC opened at 0.22k per share and closed at 0.20k per share, losing 0.02k or 9.09 percent.

Meanwhile, the Nigerian Stock Exchange (NSE) in a circular said the Index Management Committee has updated the index rules for the NSE Lotus Islamic Index and will remove the limit on the number of constituent stocks in the index commencing 1 January 2020.

The circular signed by Abimbola Babalola, Chairman, Index Governance Committee, says “this will enable the NSE Lotus Islamic Index to be more representative of the investible universe of Shari’ah compliant stocks as the market expands.”

Amaka E. Nliam

 

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