Oando, 38 Others Push Stock Market Higher

Trading floor stock exchange market nseTrading Floor Stock Exchange Market NSE
  • Oando, 38 Others Push Stock Market Higher

The gains recorded by 39 firms, led by Oando Plc, pushed the total market value of equities listed on the Nigerian Stock Exchange higher on Tuesday.

The nation’s stock market ended an 11-day losing streak on Monday as the NSE All-Share Index rose slightly by 0.36 per cent to 36,947.10 basis points.

The ASI increased to 37,854.92bps on Tuesday while the market capitalisation of listed equities gained N329bn to close at N13.712tn.

Oando saw its share price rise by 9.84 per cent to close at N6.70. It was followed by International Breweries Plc, which appreciated by 7.69 per cent to close at N42 per share.

Dangote Sugar Refinery Plc gained 6.38 per cent to close at N18.35 per share, while Honeywell Flour Mills Plc and Okomu Oil Palm Company Plc increased by five per cent each to N2.31 and N84 per share respectively.

Other gainers were Nigerian Breweries Plc, Lafarge Africa Plc, Diamond Bank Plc, Fidelity Bank Plc, FCMB Group Plc, NASCON Allied Industries Plc, FBN Holdings Plc, Transnational Corporation of Nigeria Plc, Caverton Offshore Support Group Plc, Cutix Plc, Unity Bank Plc, Dangote Flour Mills Plc, and Skye Bank Plc, among others.

Fifteen stocks recorded losses on Tuesday, with Consolidated Hallmark Insurance Plc leading the pack as it fell by 6.67 per cent to close at N0.28 per share.

Royal Exchange Assurance Plc shed 5.88 per cent to close at N0.32 per share, while UAC of Nigeria Plc dipped by 4.76 per cent to N14 per share.

First Aluminium Nigeria Plc dropped by 4.55 per cent to N0.42 per share, while Total Nigeria Plc declined by 4.31 per cent to N193.30 per share.

The stock market took a serious beating last week, with the market capitalisation, which peaked at N16.154tn on January 18, 2018, falling by N909bn as bears held sway.

The NSE ASI and market capitalisation dropped by 6.38 per cent to close the week at 36,816.29 and N13.336tn respectively.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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