The stock market maintained its positive performance yesterday as price gains posted by 20 stocks lifted the Nigerian Stock Exchange (NSE) All-Share Index (ASI) by 0.16 per cent to close at 27,035.78.
Nestle Nigeria Plc, Guaranty Trust Bank Plc, Stanbic IBTC Holdings Plc and Dangote Sugar Refinery Plc were among gainers that boosted the performance. However, Law Union & Rock Insurance Plc led the gainers’ table, rising by 10 per cent, trailed by Jaiz Bank Plc with 9.5 per cent. Presco Plc chalked up 9.3 per cent. Neimeth International Pharmaceuticals Plc and Cadbury Nigeria Plc went up by 8.9 per cent and 8.8 per cent respectively.
Other top price gainers included: LASACO Assurance Plc (8.7 per cent); AIICO Insurance Plc (8.4 per cent); Chams Plc (8.3 per cent); Dangote Sugar Refinery Plc (8.2 per cent); Transcorp Plc (6.8 per cent); Nestle Nigeria Plc (6.1 per cent); GTBank Plc (0.68 per cent).
Conversely, Okomu Oil Palm Plc led the price losers with 9.7 per cent, trailed by Cutix Plc with 9.5 per cent. FBN Holdings Plc shed 7.3 per cent, just as Cornerstone Insurance Plc and Livestock Feeds Plc went down by 7.1 per cent and 5.6 per cent in that order.
Other top price losers are: NAHCO Plc (4.3 per cent); FCMB Holdings Plc (3.3 per cent); Continental Reinsurance Plc (2.6 per cent); Access Bank Plc (2.4 per cent); Lafarge Africa Plc (2.1 per cent).
In terms of sectoral performance, the NSE Consumer Goods Index and NSE Banking Index appreciated by 2.7 per cent apiece, trailed by the NSE Insurance Index, which rose 0.4 per cent.
On the contrary, the NSE Industrial Goods Index and NSE Oil & Gas Index shed 0.5 per cent and 0.1 per cent in that order.
Meanwhile, activity level improved as volume and value traded increased 11.3 per cent and 13.1 per cent to 230.7 million shares and N3.2 billion respectively. The most active stocks by volume were Zenith Bank Plc (42.3 million shares) GTBank Plc(26.0 million shares), and FBN Holdings(19.7 million shares) while Zenith Bank Plc (N798.2 million),GTBank (N775.7 million) and Nestle Nigeria (N623.1 million) led by value. Analysts at Cordros Capital Limited had the market the stock market would continue to benefit, especially as fixed income yields remained on the downtrend.
“In our view, the still compelling valuations and attractive dividends yields have driven market performance over the past few weeks, a reaction to a limited outlet for investments given recent policy directives limiting domestic participation in the FI market. In the short term, we expect that stock market will continue to benefit, especially as FI yields remain on the downtrend,” they said.