Nigerian bourse opens the month 0.30% up

The Nigerian Stock Exchange (NSE) resumed trading for the month of May with an increase of 0.30 per cent just as the country eases lockdown.

Specifically, the All-Share Index rose by 68.85 points or 0.30 per cent to close at 23,089.86 against 23,021.01 achieved on Thursday.

Similarly, the market capitalisation inched higher by N36 billion to close at N12.033 trillion against N11.997 trillion posted on Thursday.

The marginal increase was due to gains recorded in medium and large capitalised stocks, amongst which are: MTN Nigeria, Ardova, Dangote Sugar Refinery, UAC of Nigeria and Union Bank of Nigeria.

Analysts at Afrinvest Limited expected the performance of the domestic bourse to be shaped by releases of corporate earnings and bargain hunting activities this week.

Similarly, analysts at United Capital Plc, said, “This week, the implementation of OPEC supply cut deal and the influx of more quarterly earnings will drive sentiments amid increasing number of countries weighing the need to unlock economic activities as the debate around health and economic wellbeing gets louder.”

Prestige Assurance dominated the gainers’ chart in percentage terms, growing by 10 per cent to close at 55k per share.

Ardova followed with a gain 9.96 per cent to close at N12.70, while Wapic Insurance appreciated by 7.69 per cent to close at 28k per share.

Learn Africa went up by 6.80 per cent to close at N1.10, while Mutual Benefit Assurance appreciated by five per cent, to close at 21k per share.

Conversely, NEM Insurance and Neimeth International Pharmaceuticals led the losers’ chart in percentage terms, dropping by 10 per cent each, to close at N1.98 and 54k per share, respectively.

Chams followed with a decline of 8.70 per cent to close at 21k per share.

Access Bank shed 7.58 per cent to close at N6.10, while University Press depreciated by 7.55 per cent to close at 98k per share.

In spite of the growth in market indices, the total volume of shares traded decreased by 30.49 per cent with an exchange of 249.86 million shares, worth N2.39 billion transacted in 6,538 deals.

This was in contrast with a turnover of 359.47 million shares valued at N3.26 billion traded in 4,946 deals on Thursday.

Transactions in the shares of Guaranty Trust Bank topped the activity chart with 44.53 million shares valued at N935.21 million.

FBN Holdings followed with 40.71 million shares worth N187.41 million, while United Bank for Africa (UBA) traded 24.75 million shares valued at N144.55 million.

Zenith Bank sold 22.85 million shares worth N328.51 million, while Access Bank transacted 14.51 million shares valued at N89.39 million.