Stock picks up at +0.15% as BCG expresses optimism

Equities trading on the Nigerian Stock Exchange (NSE) on Tuesday closed on a positive note to halt five-day negative trend as the All Share index (ASI) gained 0.15 per cent to close at 28,857.34 points compared to the 0.14 per cent decline recorded previously to close at 28,813.51 points.

Market capitalisation likewise gained N15.1 billion to close at N9.911 trillion compared to the loss of N14.2 billion recorded previously to close at N9.895 trillion.

Meanwhile, Boston Consulting Group (BCG) has expressed optimism in the Nigerian Capital market as the group visits the Exchange on Tuesday.

While sounding the ceremony gong to close trading activities for the day, Rich Lesser, Global CEO of BCG explained that the reason for the visit was to show it’s support to the Exchange.

“We know its challenging now but in the long term we remain optimistic about the fact that in Nigeria there are prospects. And we are excited to be a part of in making successful contributions to its companies,” he said.

A breakdown of the activity chart on the Exchange showed that investors, in 4,542 deals sold a total of 207.6 million shares valued at N3.6 billion compared to a total of 275.4 million shares valued at N3.4 billion, exchanged in 4,865 deals.

At the close of the day’s trading session, market breadth closed with 14 gainers to 29 losers, GSK Nigeria Plc topped the losers chart with a loss of 9.67 per cent or N2.01 to close at N18.77 per share, while Skye Bank dipped for the fourth consecutive day following the CBN intervention by 7.59 per cent or six kobo to close at 73 kobo per share.

Transnationwide Express Plc shed 7.27 per cent or eight kobo to close at N1.02 per share and Oando Plc dropped 5.91 per cent or 44 kobo to close at N7.01 per share, while Forte Oil Plc dropped 5.00 per cent or N8.59 to close at N163.31 per share.

On the other hand, Nigerian Aviation Handling Company Plc (NAHCO) gained 4.92 percent or 19 kobo to close at N4.05 per share. Fidelity Bank Plc gained 4.39 percent or 5 kobo to close at N1.19 per share, while AIICO Insurance Plc garnered 4.11 per cent or 3 kobo to close at 76 kobo per share.

Stocks of Diamond Bank Plc improved by 3.78 per cent or 7 kobo after falling for three consecutive days, to close at N1.92, while Access Bank Plc gained 3.70 per cent or 20 kobo to close at N5.60 per share.

Transcorp recorded the highest volume of activities, exchanging 28.2 million shares worth N41.01 million, Guaranty Trust Bank came second with an exchange of 25.5 million shares valued at N611.2 million, while PRESCO sold 13.1 million shares worth N472.3 million.