By Kayode Ogundele
Inside the Stock market
Trading activities on the Nigerian Stock Exchange (NSE) on Thursday sustained positive trend with the market indicators growing further by 3.18 per cent.
The market capitalisation inched N303 billion or 3.18 per cent to close at N9.825 trillion as against N9.522 trillion achieved on Wednesday.
Also, the All-Share Index closed higher crossing to 28, 000, appreciating by 877.03 points or 3.18 per cent to close at 28,423.70 compared to 27,546.68 on Wednesday.
Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the steady growth to impressive first quarter earnings released by some companies.
Omordion added that the improved volume and value were as result of funds coming out of other investment windows into the stock market due to improved economy fundamentals.
He said new foreign investors were eyeing the market due to improved foreign exchange, adding that some of the foreign investors already in the market were reinvesting their dividends due to low price of equities.
Total led the gainers’ table for the day, gaining N8 to close at N263 per share. Dangote Cement followed with a gain of N7.29 to close at N173.30 and Nigerian Breweries improved by N6.80 to close at N142.81 per share.
Forte Oil appreciated by N4.68 to close at N50.41, while Larfarge Africa increased by N2.30 to close at N48.38 per share.
Conversely, Seplat recorded the highest loss to lead the losers’ table declining by N41.43 to close at N383.57 per share. BOC Gases trailed with a loss of 17k to close at N3.35 and NAHCO was down by 7k to close at N3.25 per share.
Continental Reinsurance lost 6k to close at N1.24 and Air Service decreased by 4k to close at N4.69 per share.
Similarly, the volume of shares traded rose by 37.14 per cent as investors bought and sold 801.08 million shares worth N7.82 billion exchanged in 6,481 deals.
This was in contrast with 584.12 million shares valued at N5.65 billion transacted in 5,121 deals on Wednesday.
FCMB Group was the most traded in volume terms, exchanging 132.98 million shares worth N155.55 million.
FBN Holdings followed with a total of 72.52 million shares valued at N304.95 million and Fidelity Bank traded 68.96 million shares worth N73.24 million.
Transcorp sold 60.14 million shares valued at N73.92 million, while United Bank for Africa exchanged 57.83 million shares worth N416.02 million.