Banking stocks loss dampens gains to 0.07%

Equities trading on the Nigerian Stock Exchange (NSE), on Thursday, closed with a marginal gain of 0.07 per cent as banking stocks record losses, thus leaving the All-share Index (ASI) at 22,554.84 basis points .as against 22,539.94 points recorded on Wednesday.

Equities investors gain N7.76 billion as the market capitalization also dipped by 0.07 per cent to record a close mark of N11.754 trillion.

Market breadth, however, closed negative as 18 gainers were recorded against 20 losers, an unimproved performance when compared with the previous outlook of 28 gainers vs 13 losers.

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Nestle Nigeria led the gainers’ chart having gained N83 or ten per cent in value, to close at N913.20 Kobo per stock, Nigerian Breweries followed with 9.89 per cent appreciation in its share value to close at N29.45 Kobo per share.

Conoil also gained N1.40 Kobo, having appreciated by 9.69 per cent to close at N15.85 Kobo at by the end of the day trading; Cornerstone Insurance’ share value appreciated by 9.26 per cent to close at 59 Kobo; while Champion Breweries added 9.09 per cent to close at 96 Kobo per share.

On the other hand, Access Bank and Sterling Bank declined by ten per cent to close at N6.30 kobo and N1.35 Kobo per share respectively.

Analysing by sectors, the declines in the Banking (+4.5%) and Industrial Goods (-0.1%) indices dampen gains recorded in the Consumer Goods (+5.7%), Insurance (+1.2%) and Oil and Gas (+0.3%) indices. However, the sectoral performance was broadly positive.

Market turnover closes positive as volume shares traded on the local bourse increased to 379.11 million units, valued at N4.33 billion and exchanged in 5,985 deals. Zenith Bank was the most traded stock by volume and value at 84.56 million units values at N1.25 billion was exchanged. FBN Holdings and Eko Corporation joined Zenith Bank as the most active to boost market turnover, while Eko Corporation and Guaranty Trust Bank topped market value list.

NIGERIAN TRIBUNE

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