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Stock market opens 2018 positive with 0.06% gain



Stock market opens 2018 positive with 0.06% gain

The Nigerian stocks market began the year 2018 in a positive trajectory with a marginal growth of 0.06 per cent. Consequently, the All Share Index (ASI) gained 21.60 absolute points, representing a growth of 0.06 per cent to close at 38,264.79 points.

Similarly, the market capitalisation gained N8 billion to close at N13.617 trillion. The upswing was impacted by gains recorded by blue-chip companies, amongst, which are CAP, Nascon and Allied Industries, PZ Industries, International Breweries and Dangote Sugar. Also, market breadth was positive, with 27 gainers versus 13 losers. FCMB Groups led the gainers table by 6.76 per cent to close at N1.58 per share.

Chemical and Allied Products followed with a gain of five per cent to close at N35.70, while Africa Prudential appreciated by 4.98 per cent to close at N4.43 per share. However, activity level declined as volume and value traded fell 53.7 per cent and 35 per cent to 248.5 million units of shares and N1.8 billion respectively. Eterna rose by 4.93 per cent to close at N4.26, while Fidelity Bank grew by 4.88 per cent to close at N2.58 per share.

On the other hand, NEM Insurance led the laggards’ table by 4.82 per cent to close at N1.58, while ETI trailed with a loss of 4.29 per cent, to close at N16.27 per share.

Omoluabi Mortgage Bank declined by four per cent each to close at 72 kobo, while Wema Bank and Transnational Express shed by 3.85 per cent each to close at 50 kobo and 75 kobo per share, respectively.

Transactions in the shares of Transcorp topped the activity chart with 102.77 million shares valued at N150.72 million.

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