NSE: Benchmark index appreciates by 0.14%

Salamatu Ejembi, Lagos

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The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria. REUTERS/Afolabi Sotunde

The equities market of the Nigerian Stock Exchange began on a positive note, as the benchmark index appreciated by 0.14% staying at 27,425.56 basis point.

The Market Capitalisation which began trading at N13,391 trillion Naira ended the day’s transactions at N13,410 trillion Naira.

The beginning of September, saw the total volume of trades decreased by 10.63% to close the day’s activities at 111.52 million units, valued at N1.56 billion and exchanged in 3,122 deals.

According to Cordros Securities, “trading in the early hours of the day was bearish, as investors sold off significantly on MTN NIGERIA COMMUNICATIONS PLC, DANGOTE CEMENT PLC and GUARANTY TRUST BANK PLC. However, late interest in NESTLE NIGERIA PLC and CEMENT CO. OF NORTH.NIG. PLC drove the market to a positive close. Thus, the Year-to-Date loss moderated to 12.30%.”

ZENITH BANK PLC was the highest traded stock by volume and value at 16.15 million units and N283.90 million respectively.

On sectoral performance, all sector indices closed positive, with the Consumer Goods index leading with 3.12% gain followed closely by the Industrial Goods Index with 1.45% gain, Banking Index with 0.94% gain, Insurance Index with 0.44% gain and Oil & Gas Index with 0.18% gain.

Market sentiment, as measured by market breadth, was positive as  22 stocks recorded gains relative to 17 losers.

On the gainers’ list, CEMENT CO. OF NORTH.NIG. PLC led by 9.78% gain then CORNERSTONE INSURANCE PLC was next with 9.52% gain and UNITED BANK FOR AFRICA PLC followed with 5.98%,.

On the losers’ list, U A C N PLC. fell by 10.00% and CHAMPION BREW. PLC. which fell by 9.80% recorded the largest declines followed by AFRICA PRUDENTIAL PLC with 9.25% loss.

Peace PIAK