Stock Market performance takes U-turn

The stock market yesterday turned for the better as most sector indicators tended northwards.

The All-Share Index (ASI) and market capitalization added 0.09 percent as a result of a 0.68 percent increase in the NSE Oil and Gas Index.

The Oil and Gas Index was buoyed by gains in Oando (2.39%) and Forte Oil (1.88%)

Other Indices that boosted the ASI were the NSE 30, Main Board and Consumer Goods Index, adding 0.14, 0.06 and 0.04 percent respectively.

The ASI thus appreciated 22.91 points to close at 26,240.45 compared with a loss of 13.83 recorded previously when the ASI closed at 26,217.54. Market capitalization added N7.9 billion to close at N9.028 trillion, from the previous closing figure of N9.020 trillion.

At the end of trading, the price movement chart indicated that 21 companies advanced while 16 companies declined.

Leading the day’s advancing stocks was Nascon with an appreciation of 4.95 percent to close at N7.84. Neimeth followed with an increase of 4.69 percent to close at 67 kobo, Custodyins grew 3.31 percent to close at N3.75 while Oando and Wapic Insurance added 2.39 and 1.96 percent each to close at N4.71 and 52 kobo respectively.

On the flip side, Honeywell Flour Mills led the day’s declining stocks with 4.96 percent to close at N1.15, Livestock Feeds dropped 4.94 percent to close at 77 kobo, A.G Leventis depreciated 4.65 percent to close at 82 kobo, UAC-Prop fell 4.64 percent to close at N2.88 and NAHCO dropped 4.41 percent to close at N2.60.

Transcorp led the most-traded stocks, trading 23.7 million shares traded for N18.9 billion. Presco was next with 23.4 million units valued at N1.03 billion and Fidelity Bank was third with 20.1 million units of shares valued at N18.1 million.

FCMB was the fourth most-traded stock with 14.3 million units valued at N18.9 million, while Zenith Bank emerged fifth on the day’s top traded list with 12 million units of shares worth N185.8 million.

The volume of shares moved totalled 190 million shares in contrast to 187.7 million units traded previously, while value traded slumped considerably to N2.4 billion from N10.4 billion recorded previously. The day’s transactions were carried out in 2,896 deals compared to 3,057 deals brokered on Tuesday.