NSE Index Gains 3.17% As Renewed Bull Strength Reverses Lackluster Trading

Trading activities on the floor of the Nigerian Stock Exchange, NSE, made a sharp reverses from southward movement on Wednesday, June 15 after days dismal market performance.

The market went up by 3.17% with the lead indicator of the bourse, the All Share Index adding 857.91 points to close at 27, 891.96 points.

All sectoral Indices of the NSE likewise closed positive except the NSE ASeM Index which closed flat.

Market breadth closed with 33 gainers to 10 losers. NEM Plc led the gainers for the second consecutive day following an appreciation of 9.52 percent or 10 kobo to close at N1.15 per share, Guaranty followed with a gain of 7.78 percent or N1.44 to close at N19.95 per share, while FCMB increased by 7.69 percent or 12 kobo to close at N1.68 per share.

Skyebank and Transcorp appreciated by 7.14 and 6.62 percent or 8 and 9 kobo to close at N1.20 and N1.45 per share respectively.

Conversely, UPL Plc led the days losers following a depreciation of 4.99 percent or 22 kobo in its share value to close at N4.19 per share, GSK Plc lost 4.87 percent or 80 kobo to close at N15.64 per share while Neimeth and ETI Plc dropped 4.65 percent or 4 and 80 kobo each to close at 82 kobo and N16.40 per share respectively. Cutix Plc fell 4.24 percent or 7 kobo to close at N1.58 per share.

The financial services sector retained dominance in trading activity as three top traders in volume terms for the day were UBA which traded 197.2 million shares worth N million, Skye Bank which sold 74.6 million shares worth N28.7 million and FCMB which exchanged 54.5 million shares valued at N15.4 million.

At the end of trading, investors exchanged 588.4 million shares worth N3.5 billion in 5,088 deals  compared to a total of 170.7 million shares worth N2.4 billion traded in 3,153 deals previously.