NSE Halts Decline to Gain 0.17 Percent on Wednesday
The Nigerian Stock Exchange (NSE) on Wednesday halted four consecutive losses on the back of Nestle, Flour Mills, Cadbury, Access Bank and Zenith Bank’s attractiveness.
Activities of investors boosted the market capitalisation by N21.9 billion to N13.027 trillion on Wednesday while the NSE All-Share Index expanded by 0.17 percent to settle at 24,972.89 basis points.
A total of 265.964 million shares valued at N2.708 billion were exchanged in 3,564 deals by investors during the trading hours.
In terms of volume traded, Guaranty Trust Bank was the most traded stock with 43.674 million shares valued at N1.026 billion. This was followed by UACN’s 41.199 million shares worth N288.659 million. FBNH, FCMB and Access banks added 35.370 million, 22.543 million and 15.347 million shares valued at N178.136 million, N38.799 million and N104.467 million.
Accordingly, Nestle led the top gainers’ table with 10 percent to close at N1094.5 per share. Cadbury followed with 6.67 percent to settle at N8 per share. Flour Mill, Access Bank and Zenith bank gained 4.35 percent, 1.48 percent and 0.31 percent to close at N20.4, N6.85 and N16.15 per share, respectively.
On the other hand, Seplat led losers with a 9.99 percent decline to close at N428.8 per share. Guaranty Trust Bank lost 2.54 percent to settle at N23 per share. Dangote Sugar, Fidson and Neimeth declined by 2.03 percent, 6.34 percent and 9.57 percent to close at N14.5 per share, N3.4 per share and N1.89 per share, respectively.
The bourse rebounded despite Nigeria’s inflation rate rising to 12.40 percent in May, further highlighting the nation’s precarious situation amid COVID-19 disruption.
Bank Stocks Top Charts Amid Strong Third Quarter Performance
Bank stocks top both gainers’ and top traded stocks’ charts on Tuesday as investors at the Nigerian Stock Exchange continues to increase their holdings of banks’ stocks amid strong third-quarter financial results.
Zenith Bank led the most traded stocks for a second consecutive day on Tuesday following a declaration of N509 billion gross earnings and N177 billion profit after tax in the first nine months of the year.
Investors traded 71,933,841 shares of Zenith Bank valued at N1,730,151,404.20 during the trading hours of Tuesday.
Transcorp, the only non-bank stock on the top five trades, followed Zenith Bank with 37,172,526 shares worth N32,853,263.27.
Guaranty Trust Bank Plc, Access Bank and United Bank for Africa (UBA) exchanged 30,003,182 units, 29,549,235 units and 29,332,033 units estimated at N1,022,126,997.60, N243,311,726.70 and N236,303,261.20, respectively.
Investors exchanged a total of 365.414 million shares valued at N4.692 billion in 6,325 deals on Tuesday to return the bourse to the green zone after two days of consecutive declines.
The Nigerian Stock Exchange market capitalisation rose by N114 billion from N17.829 trillion it closed on Monday to N17.943 trillion on Tuesday. While the NSE All-Share Index gained 220.82 index points or 0.06 percent to 34,349.56 index points it settled on Tuesday, up from 34,119.74 index points on Monday.
Stanbic IBTC Bank led gainers with N2.8 or 7.08 percent gain to finish the day at N42.35 per share. See the details below.
Insider Dealing: Paul Miyonmide Gbededo, MD Flour Mills, Purchased 1.95 Million Shares in Flour Mills
In a disclosure statement filed with the Nigerian Stock Exchange, the management of Flour Mills of Nigeria Plc said Paul Miyonmide Gbededo, the Group Managing Director, purchased 1,949,839 shares in the company.
In a statement signed by Umolu Joseph, the Company Secretary and Director, Flour Mills of Nigeria, Gbededo bought the 1,948,839 shares at N28 per unit on November 17, 2020.
The Managing Director invested N54,567,492 in Flour Mills of Nigeria Plc in a move that suggested confidence in the future of the company.
The disclosure is in line with the Nigerian Security and Exchange Commission’s new policy on insider dealings. See the transaction details below.
Insider Dealing: Chide Agbapu Buys 1 Million Shares in Fidelity Bank
The management of Fidelity Bank on Friday said Mr. Chidi Agbapu, a non-executive director, bought 1,000,000 shares of Fidelity Bank Plc.
In line with the Nigerian Stock Exchange (NSE) disclosure policy, the lender said Agbapu purchased the shares in two different transactions on November 9, 2020.
According to a statement signed by Ezinwa Unuigboje, Company Secretary, Fidelity Bank, the shares were purchase in two deals of 500,000 units each at N2.75 per share. See the details below.
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