NSE indices gain 0.17% to close positive in October

BY Motolani Oseni

Nigerian equities market of the Nigerian Stock Exchange (NSE) gained 0.17 per cent amid bargain hunting activities to close the trading for the month of October.

The All Share Index (ASI) rose by 44.58 points or 0.17 per cent to 26,355.35 points. Accordingly, investors gained N22 billion in value as market capitalisation went up to N12.830 trillion.

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The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Seplat Petroleum Development Company (SEPLAT), Nigerian Breweries, Dangote Cement, Flour Mills of Nigeria and University Press (UPL).

Analysts at Afrinvest Limited said that “Although, we have seen slight gains in the equities market recently, we do not expect this to be sustained as investors’ maintain a risk-off approach.”

Market breadth closed positive as 18 stocks posted gains while 13 stocks posted declines. SEPLAT recorded the highest price gain of 9.28 per cent, to close at N565, while Chams followed with a gain 9.09 per cent to close at 24 kobo, per share.

Jaiz Bank went up by 8.89 per cent to close at 49 kobo, while Consolidated Hallmark Insurance and Nigerian Breweries appreciated by 8.11 per cent each, to close at 40 kobo and  N50,  respectively, per share. On the other hand, Unity Bank led the losers’ chart by 8.47 per cent, to close at 54 kobo, per share. Law Union and Rock Insurance followed with a decline of 8.16 per cent to close at 45 kobo, while  Union Diagnostic and Clinical Services went down by eight to close at 23 kobo, per share.

Oando lost 7.44 per cent to close at N3.11, while Guaranty Trust Bank shed 2.35 per cent to close at N24.90, per share.

The total volume traded rose by 148.23 per cent to 347.797 million shares, worth N6.79 billion, and traded in 2,756 deals. Transactions in the shares of Zenith Bank topped the activity chart with 103.69 million shares valued at N1.77 billion. FCMB Groups followed with 85.12 million shares worth N136.57 million, while Guaranty Trust Bank traded 39.18 million shares valued at N980.52 million.United Bank for Africa (UBA) traded 21.66 million shares valued at N125.59 million, while MTN Nigeria transacted 21.25 million shares worth N2.68 billion