NSE index up 0.98% as Stanbic IBTC, others lead gainers

Trading on The Nigerian Stock Exchange (NSE) closed on a positive note on Wednesday following gains posted by some blue chips to reverse previous trading loss.

The market capitalisation inched higher by N199 billion or 0.98 per cent to close at N20.449 trillion against N20.250 trillion recorded on Tuesday.

Also, the All-Share Index appreciated by 380.81 points or 0.98 per cent to close at 39,085.78 from 38,704.97 achieved on Tuesday.

Market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Dangote Cement, Stanbic IBTC Holdings, MTN Nigeria Communications (MTNN), Guinness and Unilever.

Consequently, market sentiment was positive with 21 stocks against 17 losers.

Stanbic IBTC Holdings dominated the gainers’ chart in percentage terms with 9.99 per cent to close at N48.45 per share.

NPF Microfinance Bank followed with a growth of 9.60 per cent to close at N1.94, while Cornerstone Insurance rose by 8.93 per cent to close at 61k per share. Guinness Nigeria appreciated by 8.76 per cent to close at N27.30, while Oando gained 8.68 per cent to close at N3.38 per share.

On the other hand, MRS Oil Nigeria led the losers’ chart in percentage terms by 9.70 per cent to close at N12.10 per share.

Wapic Insurance followed with a loss of 9.09 per cent to close at 50k, while Lafarge Africa shed 7.11 per cent to close at N20.90 per share. Africa Prudential dipped 5.45 per cent to close at N5.20, while Livestock Feeds depreciated by 4.74 per cent to close at N1.81 per share.

Volume of trades declined marginally by 11.8 per cent to 361.90 million shares valued at N5.70 billion exchanged in 4,018 deals.