NIGERIA: Blue-chip Stocks Swell Market Value

 The Nigerian stock market sustained its positive momentum Friday, as the NSE benchmark index appreciated marginally by 0.43 per cent to close at 38,712.76 points, compared with the gain of 0.20 per cent recorded the previous Thursday.

Week-on-week, the Index gained by 0.99 per cent, while Year-to-Date (YTD) it has recorded a decline of 6.33 per cent.

The appreciation in the Index on Friday could be attributed to the gains recorded in the share prices of some highly capitalised stocks such as: Nestle Nigeria Plc, Access Bank Plc, Fidelity Bank Plc, Transnational Corporation of Nigeria and Guaranty Trust Bank Plc amongst others.

Similarly, the market capitalisation of listed equities recorded an appreciation of 0.20 per cent to close at N12.43 trillion, compared with the gain of 0.20 per cent recorded on Thursday to close at N12.38 trillion.

Analysis of trading results showed that the total value of the stocks traded on Friday was N3.82 billion, down by 11.49 per cent from N4.32 billion traded on Thursday. The total volume traded was 577.46 million executed in 4,534 deals.

The three most actively traded stocks were: Sterling Bank Plc, which traded a total of 270.40 million ordinary shares. It was followed by Resort Savings and Loans Plc, which sold a total of 103.02 million ordinary shares and Guaranty Trust Bank Plc with 44.24 million ordinary shares respectively.

The most actively traded sectors were financial services with 537.62 million, driven by banking shares. The banking sector traded a total of 392.96 million ordinary shares valued at N2.61 billion made in 1, 753 deals.

The volume of shares sold in the banking sector was largely driven by activity in the shares of Sterling Bank Plc, United Bank for Africa Plc, Guaranty Trust Bank Plc and Ecobank Transnational Incorporated Plc. Trading on the shares of the four banks accounted for 235.8 million ordinary shares or 89.5 per cent of the banking sector’s turnover.

The conglomerates sector trailed the financial services sector with 12.06 million shares followed by the consumer goods sector with 9.42 million.

Meanwhile, the price movement chart of the NSE displayed a total of 21 stocks that recorded against as against 28 on the losers table.

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