Bullish Sentiment Makes Minor Comeback As NSE Index Rises By 0.91%

Trading activities on the floor of the Nigerian Stock Exchange, NSE, saw slight recovery on Thursday, May 12, as the oil and gas index leaped on positive reaction to the Federal Government’s removal of subsidy and increase in petroleum price from N86.50 to N145 per litre.

The price appreciation posted by the oil companies drove market indices up by 0.91 per cent after sliding for two consecutive days.

The All-Share Index rose by 234.44 points or 0.91 per cent to close at 25,865.06 compared with 25,630.62 achieved on Wednesday.

Similarly,  Market Capitalization which opened at N8.819 trillion inched N81 billion to close at N8.900 trillion.

An analysis of the price movement table showed that Forte Oil topped the gainers’ chart with a gain of N10.50 to close at N220.50 per share.

Total came second on the gainers’ table appreciating by N9.19 to close at N159.60, while Nestle garnered N9 to close at N680 per share.

Mobil Oil grew by N5.50 to close at N160.66 and Seplat chalked up N5 to close at N345 per share.

However, Unilever led the losers’ table losing N1.22 to close at N36 per share. Flourmill dipped N1.18 to close at N22.58 and Lafarge Africa lost N1 to close at N68 per share.

Presco dropped 68k to close at N35.02, while UPL decreased by 25k to close at N4.90 per share.

Similarly, the volume of shares traded closed higher with an exchange of 261.94 million shares valued at N1.49 billion transacted in 3,457 deals.

NAN reports that this was in contrast with a total of 198.46 million shares worth N1.60 billion traded in 3,538 deals on Wednesday.

Transcorp drove the volume of shares traded with 41.83 million shares valued at N44.89 million.