Improved corporate scorecard lifts NSE’s index by 0.7 per cent

Nigeria Stock Exchange, Lagos

Improved corporate performance lifted transactions on the equity sector of the Nigerian Stock Exchange (NSE) yesterday, as the All-share index appreciated by 0.7 per cent.

Yesterday, the All-Share Index (ASI) gained 227.28 absolute points, representing a growth of 0.70 per cent to close at 32,664.63 points. Similarly, market capitalisation gained N83 billion to close at N11.925 trillion.

The upturn was significantly impacted by gains recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Nigerian Breweries, FBN Holdings, Zenith Bank, and Fidelity Bank.

Analysing the market, the Chief Operating Officer, InvestData Consulting Limited, Mr. Ambrose Omordion, said the market was impacted by companies that had already released their third quarter numbers including United Bank for Africa (UBA), Guaranty Trust Bank, Lafarge Africa, and Zenith Bank.

“We note that the numbers have been mixed, as performance of the financial service providers were boosted by trading and other incomes, rather than their traditional interest income.

“We expect the oscillating trend to continue as more companies present their numbers in the coming days, amidst increased bargain hunting activities, while volatility and profit taking continue, if the numbers beat market and analysts forecast.”

He noted that the much-anticipated Q3 earnings reports would assist investors and fund managers rebalance their portfolios, while watching the political space.

However, market breadth was negative, with 13 gainers versus 22 losers. Law Union and Rock Insurance recorded the highest price gain of 6.38 per cent to close at 50 kobo per share.

Prestige Assurance followed with a gain of 6.12 per cent to close at 52 kobo, while Consolidated Hallmark Insurance gained by 3.57 per cent to close at 29 kobo per share.

Lasaco Assurance went up by 3.33 per cent to close at 31 kobo, while Fidelity Bank appreciated by 3.31 per cent to close at N1.87 per share.

On the other hand, Vitafoam Nigeria led the losers’ chart by 10 per cent to close at N3.15 per share.

C&I Leasing followed with a loss of 9.67 per cent to close at N2.71, while UACN Property Development shed 9.44 per cent to close at N1.63 per share.

Nascon Allied Industries depreciated by 7.04 per cent to close at N18.50, and Wapic Insurance declined 6.98 per cent to close at 40 kobo per share.