Market index hits eight-month high, 31 firms gain

The Nigerian Stock Exchange All-Share Index recorded the highest gain in eight months after the NSE market capitalisation appreciated by N242bn on Wednesday. The market last recorded this performance in October last year.

The NSE ASI rose to 30,127.82 basis points from 29,422.71 basis points recorded on Tuesday, as market capitalisation also soared to N10.347tn from N10.105tn.

A total of 31 stocks appreciated in value, while 16 surged. An aggregate of 541.869 million shares valued at N7.93bn exchanged hands in 5,727 delas.

GlaxoSmithkline Consumer Nigeria Plc, Transnational Corporation of Nigeria Plc, Neimeth International Pharmaceuticals Plc, Champion Breweries Plc and Sterling Bank Plc emerged as the top five gainers.

The shares of GSK soared by N1.68 (10.16 per cent) to close at N18.21 from N16.53, as those of Transcorp rose to N1.77 from N1.61, gaining N0.16 (9.94 per cent).

Neimeth share price recorded a gain of N0.10 (9.90 per cent) to close at N1.11 from N1.01, as Champion Breweries shares closed at N4.44 from N4.04, appreciating by N0.40 (9.90 per cent).

The shares of Sterling Bank gained N0.12 (7.95 per cent) to close at N1.63 from N1.51.

 Other gainers were FCMB Group Plc, Guaranty Trust Bank Plc, Dangote Cement Plc, Airline Services and Logistics Plc, Honeywell Flour Mill Plc, AG Leventis Nigeria Plc, Axa Mansard Insurance Plc, Zenith Bank Plc, Unity Bank Plc, Guinness Nigeria Plc, Fidelity Bank Plc, Fidson Healthcare Plc, Custodian and Allied Plc, Nestle Nigeria Plc, Stanbic IBTC Holdings Plc, Flour Mills Nigeria Plc and Access Bank Plc.

7UP Bottling Company Plc, Nascon Allied Industries Plc, Nigerian Breweries Plc, Skye bank Plc, United Bank for Africa Plc, Nigerian Aviation Handling Company Plc, FBN Holdings Plc, Total Nigeria Plc and Africa Prudential Registrars Plc also made the gainers’ table.

On the other hand, Trans-national Express Plc, Cement Company of Northern Nigeria Plc, Lafarge Africa Plc, DN Meyer Nigeria Plc and Conoil Plc were the top five losers at the close of trading.

 Trans-national Express shares plunged by N0.13 (nine per cent) to close at N1.30 from N1.43, as thpose of CCNN recorded a N0.55 (6.88 per cent) drop in their share price to close at N7.45 from N8.

WAPCO share price also depreciated by N4.39 (5.64 per cent) to close at N73.51 from N77.90, followed by DN Meyer, which recorded a loss of N0.04 (4.08 per cent) in its share price and closed at N0.94 from N0.98.

In the same vein, Conoil shares plunged by N0.89 (4.07 per cent) to close at N20.96 from N21.85.

Other laggards at the market were Continental Reinsurance Plc, Livestock Feeds Plc, Tiger Branded Consumer Goods Plc, Diamond Bank Plc, Portland Paints and Products Plc, Dangote Sugar Refinery Plc, Oando Plc, Wema Bank Plc, Vitafoam Nigeria Plc, Seplat Petroleum Development Company Limited and Mobil Oil Nigeria Plc.