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Nigeria Stock Market Records Marginal Growth

Fresh report as transactions on the Nigerian Stock Exchange ended on a cautious note on Wednesday with the All-Share Index increasing marginally by 0.02 per cent.

The index rose by 9.92 points or 0.02 per cent to close at 42,158.32 compared with 42,148.40 achieved on Tuesday due to marginal price growth by blue chips.

Also, market capitalisation which opened at N15.125 trillion grew by N4 billion or 0.03 per cent to close at N15.129 trillion.

Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the mixed performance being experienced in the market to investors adjustment to over 15 per cent growth posted in January.

Omordion said that the nation’s stock market for over 10 years never witnessed a growth in January, noting that 2018 January performance was historic.

He added that investors’ reactions to Central Bank of Nigeria directive that banks with over 10 per cent non-performing loans should not pay dividends contributed to the development.

He said investors overreacted to the pronouncement meant to safeguard the banks for future growth.

He, however, said the market would rebound with improved 2017 earnings being expected in the next couple of days.

An analysis of the price movement table indicated that GTB recorded the highest price gain to lead the gainers’ table with 75k to close at N48 per share.

NASCON and Flour Mills trailed with 55k each to close at N20.55 and N32.55 per share.

Zenith Bank garnered 45k to close at N31.50, while United Bank for Africa improved by 40k to close at N12.60 per share.

On the other hand, major blue chips recorded price depreciation and this was dominated by Nestle with a loss of N10 to close at N1, 370 per share.

Mobil Oil lost N9 to close at N1.90, while Nigerian Breweries shed N3.50 to close at N124. 50 per share.

Con Oil dipped N3.40 to close at N32.10, while Julius Berger decreased by N1.35 to close at N25.95 per share.

Also, the volume of shares traded closed higher with a growth of 11.75 per cent as investors bought and sold 570.26 million shares valued at N5.33 billion achieved in 5,794 deals.

This was in contrast with 510.28 million shares worth N4.63 billion traded in 5,757 deals on Tuesday.

Custodian and Allied Insurance dominated activities in volume terms, accounting for 94.45 million shares valued at N377.82 million.

FBN Holdings came second with a turnover of 61.64 million shares worth N683.26 million, while Fidelity Bank sold 55.93 million shares valued at N110.56 million.

FCMB Group accounted for 48.25 million shares worth N100.56 million, while Transcorp transacted 31.51 million shares valued at N63.90 million.

About Editor

Otunba Sayo Akintola is a 1992 graduate of Linguistics from the University of Ibadan, Oyo State. He holds a post-graduate diploma in Financial Management and MBA from Abubakar Tafawa Balewa University, Bauchi. He started his 12-year sojourn in journalism at the Nigerian Tribune in 1993 as Business and Economy reporter. He rose through the ranks to become the Group Business Editor of the nation’s oldest surviving private national newspaper, the Nigerian Tribune. He set up World Street Journal magazine in 2018.

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