Market defies industrial action as investors stake N4.6b

ACTIVITIES at the nation’s capital market yesterday, continued as usual, as authorities of the Nigerian Stock Exchange (NSE), investors and other stakeholders defied call for industrial action.
Despite the nationwide strike action, equities transactions on the floor of the Exchange were on the upbeat as investors staked a total of N4.6 billion on 557.2 million shares yesterday, compared with a total of 524.8 million shares valued at N3.98 billion traded in the previous day.
Similarly, corporate performance indices of the Exchange closed the day on a bullish note, as the All-Share Index rose by 32.84 points or 0.12 per cent from 25,383.37 points recorded on Tuesday, to 25,416.21 points yesterday, while market capitalisation of listed equities appreciated by N11 billion or 0.13 per cent from N8.105 trillion to N8.116 trillion.
With transactions done in 3,259 deals, the banking sub-sector remained the most active in volume terms trading 300.9 million shares worth N2.3 billion followed by the insurance sub-sector with 141.4 million units valued at N83.2 million, while the mortgage companies sub-sector ranked third with 21.9 million shares valued at N13.4 million.
Accounting for the volume of transactions in the equities sector, 58 million shares of Union Bank of Nigeria Plc worth N284 million buoyed the sub-sector’s volume, while Zenith Bank Plc’s 34 million units valued at N 519.6 million followed in 407 deals.
Similarly, African Alliance Plc’s 104.6 million shares worth N52 million enhanced activities in the insurance sub-sector, while the mortgage companies sub-sector was boosted by activities in the shares of Resort Savings and Loans Plc, which traded 14. 8 million shares valued at N7.4 million in eight deals.
On the day’s price movement chart, Nigerian Breweries Plc traded higher at the end of yesterday’s transactions, leading 47 other stocks with 197 kobo to close at N78.97 per share, followed by Lafarge WAPCO Plc, with 149 kobo to close at N42 per share.
Other gainers of yesterday’s transactions include Cadbury, Oando, and Ashaka Cement, adding 100 kobo, 100 kobo and 90 kobo to close at N29, N66 and N24.50 per share each.
Dangote Flourmills, Zenith Bank and Cement Company of Northern Nigeria garnered 79 kobo, 73 kobo and 70 kobo to close at N16.78, N15.40 and N14.70 per share respectively.
Furthermore, Ecobank Transnational Incorporated added 69 kobo to close at N16, while Nigerian Aviation Handling Company gained 46 kobo to close at N9.96 per share.
However, Dangote Cement topped the losers’ chart with 672 kobo to close at N127.94 per share, while Conoil followed with 204 kobo to close at N38.94 per share.
Similarly, Flourmills, African Petroleum, Nigerian Bottling company lost 98 kobo, 94 kobo and 60 kobo to close at N70.02, N24.00 and N31.95 per share each.
Unilever and UPL shed 50 kobo and 34 kobo to close at N28.00 and N6.48 per share each, while May& Baker and Berger also dropped 21 kobo and 20 kobo to close at N4.40 and N8.00 per share respectively.