Investors gain N30bn as stock market closes higher

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’Femi Asu

Investors in the nation’s stock market gained N30bn on Wednesday as Oando Plc and 21 other firms recorded price appreciation.

The Nigerian Stock Exchange All-Share Index rose by 0.14 per cent to close at 40,221.30 basis points while the market capitalisation gained N30bn to close at N21.04bn.

A total of 469.56 million shares valued at N7.08bn was traded in 5,470 deals at the end of trading on the floor of the NSE.

Oando, which led the gainers on Wednesday, saw its share price increase by 10 per cent to N3.41 per share.

It was followed by ABC Transport Plc, which appreciated by 9.38 per cent to close at N0.35 per share.

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Japaul Gold & Ventures Plc gained 9.23 per cent to close at N0.71 per share; Royal Exchange Plc rose by 8.70 per cent to close at N0.25 per share; while Academy Press Plc was up 7.89 per cent to close at N0.41 per share.

Twenty firms recorded losses on Wednesday, with LASACO Assurance Plc, Consolidated Hallmark Insurance Plc, Cornerstone Insurance Plc, Flour Mills of Nigeria Plc and Wapic Insurance Plc emerging as the biggest losers.

LASACO shed 9.49 per cent to close at N9.49 per share, while CHI lost 8.33 per cent to close at N0.33 per share.

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Cornerstone Insurance declined by 7.81 per cent to N0.59 per share; Flour Mills of Nigeria fell by 6.94 per cent to close at N28.85 per share; while Wapic Insurance dropped by 6.90 per cent to N0.54 per share.

Analysts at Cordros Capital Limited noted that the domestic equities market ended the day with bullish sentiments, following investors’ interests in Lafarge Africa Plc, Zenith Bank Plc and Guaranty Trust Bank Plc.

They said the month-to-date and year-to-date losses moderated to 5.2 per cent and 0.1 per cent respectively.

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The analysts said, “The total volume traded increased by 38.9 per cent to 469.56 million units, valued at N7.08bn, and exchanged in 5,470 deals. Zenith Bank was the most traded stock by volume and value at 154.62 million units and N4.10 billion respectively.

“On sectors, the oil and gas (+0.8 per cent), banking (+0.8 per cent), and industrial goods (+0.2 per cent) indices recorded gains, while the insurance (-1.9 per cent) and consumer goods (-0.3 per cent) indices declined.”

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