Index rises as banking drives gains

Prices of shares on the floor of the Nigerian Stock Exchange rose for the second straight day on Tuesday, partly erasing earlier losses as profit-taking activities eased.

UBA Plc led the gainers, including six other banks, as it gained 27kobo or 5.88 per cent. It had opened at N4.59 and closed at N4.86. First Bank of Nigeria Plc followed with a gain of 5.13 per cent or 80 kobo, after it opened at N15.60 and closed at N16.40.

Honeywell Flour Mill Plc added 4.98 per cent or 10 kobo to its stock’s price. It opened at N2.01 and closed at N2.11, while Nigerian Aviation Handling Company Plc opened at N5.60 and closed at N5.87, recording a gain of 4.82 per cent or 27 kobo.

Meanwhile, Diamond Bank Plc, which on Tuesday announced plans to unveil a new corporate identity, gained eight kobo or 1.97 per cent to make the gainers’ table. The other banks on the gainers’ table included Guarantee Trust Bank, Skye Bank, Zenith Bank and Union Bank of Nigeria.

Investors traded 253.215 million shares, valued at N2.763bn, in 4,876 deals, which pushed the Nigerian Stock Exchange All-Share Index up by 0.46 per cent or 123.92 basis points. The index had opened at 26,600.10 and closed at 26,724.02.

Similarly, the market capitalisation of listed equities of the NSE appreciated by N39bn after it opened at N8.477tn and closed at N8.516tn.

Both indicators had increased by 40.55 basis points (15 per cent) and N13bn respectively on Monday.

UACN Property Development Company Plc lost -10.00 per cent or N1.25 to top the losers, after it opened at N12.50 and closed at N11.25. Academy Press Plc, which also sank -10.00 per cent or 41kobo to close at N3.69, was second, followed by Custodian and Allied Insurance Plc with a loss of -8.46 per cent or 11 kobo.

In all, 18 companies recorded gains, while 28 others – including Cadbury Nigeria Plc and Fidson, which led the gainers on Monday – shed weight.

More Stories in Capital Market

Taken from:
Index rises as banking drives gains