Stock market ends February bullish

Stock market ends February bullish

  • Stock market ends February bullish

Stock market ends February bullish. The trading activities on the floor of the Nigerian Stock Exchange (NSE) finished  February on the positive trajectory, recording N435 billion gain to close at N11.829 trillion in market capitalization.

After the winner of the presidential election was announced, the Nigerian Stock Exchange (NSE) market capitalization on Wednesday lost an additional N86 billion, to close at N12.024 trillion.

The market sustained the sliding profile, as the All-share index (ASI) declined by 0.71 per cent, which also fell by 229.58 absolute points, representing a dip of 0.71 per cent, to close at 32,244.24 points.

Statistics  showed that activities on the the Exchange, which opened the trading month at N11.394 trillion in market capitalization and 30.557.20 in index points at the beginning of trading on February 1, 2019, closed the month at N11.829 trillion and 31,721.76 index points,hence has earned a month-to-date gain of about N435 billion or 3.81 per cent. Market watchers believe investors during the month began to pick up shares to position for a post-election rally, which is expected to begin next month.

Meanwhile, trading activities on the floor of the local bourse yesterday extended decline with a record of N195 billion as the presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, said that in spite of the declaration of President Muhammadu Buhari as the winner of last Saturday’s election by the Independent National Electoral Commission (INEC), he is not convinced about the transparency of the exercise. Consequently, the All-Share Index dropped by 522.48 basis points or 1.62 per cent to close at 31,721.76 index points as against 32,244.24 recorded on Wednesday, while the market capitalization declined N195 billion to close from N12.024 trillion to N11.829 trillion.

Meanwhile, a turnover of 411.6 million shares exchanged in 5,320 deals was recorded in the day’s trading. The banking sub-sector was the most active (measured by turnover volume) with 148.8 million shares exchanged by investors in 1,423 deals.

Volume in the sub-sector was largely driven by the activities in the shares of GTB Plc and Union Bank Plc. Premium sub-sector boosted by the activities in the shares of Zenith Bank Plc and UBA Plc followed with a turnover of 100.7 million shares in 1,957 deals. The number of gainers at the close of trading session was 9, while decliners also closed at 30.

Further analysis of the day’s trading showed that Livestock Feeds Plc topped the gainers’ table with 7.94 per cent to close at 68 kobo per share, while Union Dicon Plc followed with 7.14 per cent to close at 30 kobo per share. UAC-Property Plc gained 4.95 per cent to close at N1.95 per share. On the flip side, Oando Plc led the losers’ chart, dropping 9.92 per cent to close at N5.90 per share. FCMB Plc tailed with a loss of 9.78 per cent to close at N2.03 per share, while Dangote Flour Mills Plc fell` by 8.79 per cent to close at N10.90 per share.