Bullish run: NSE All-Share Index crosses 38,000 mark

  • As Naira sustains gain at parallel market

The price rally on the Nigerian Stock Exchange (NSE) continued on Wednesday with the All-Share Index reaching all time high of 38, 000 mark.

The index improved by 144.52 points or 0.38 per cent to close at 38,144.02 compared with 37,999.50 recorded on Tuesday following price growth.

Also, the market capitalisation, which opened at N13.097 trillion, rose by N50 billion or 0.38 per cent to close at N13.147 trillion.

Nestle Nigeria for the third consecutive day recorded the highest price gain to lead the gainers’ table, gaining N45.07 to close at N1, 200 per share.

Guinness Nigeria followed with a gain of N8.12 to close at N87.50, while Presco appreciated by N1.20 to close at N71.98 per share.

PZ increased by 78k to close at N27 and Dangote Flour also grew by 61k to close at N7 per share.

On the other hand, Conoil topped the losers’ chart, shedding N1.72 to close at N32.86 per share.

Ecobank Transnational Incorporated trailed with a loss of 69k to close at N17.30 and Unilever Nigeria was down by 30k to close at N41 per share.

Dangote Sugar Refinery declined by 27k to close at N14.25, while Champion Breweries depreciated by 26k to close at N2.53 per share.

Jaiz Bank emerged the most sought equity in volume terms with an exchange of 48.47 million shares worth N42.64 million.

It was trailed by FCMB Group with 47.22 million shares valued at N57.56 million, while FBN Holdings sold 25.64 million shares worth N157.31 million.

Dangote Flour exchanged 24.05 million shares valued at N168.21 million and Access Bank traded 23.32 million shares worth N240. 87 million.

In all, the volume of shares traded closed higher as a total of 328.65 million shares valued at N6.10 billion were transacted by investors on 4,983 deals.

This was against the 218.22 million shares worth N5.07 billion exchanged in 5,336 deals on Tuesday.

In the meantime, the naira on Wednesday appreciated against the dollar at the parallel market, exchanging at N363 to the dollar from the N364 posted on Tuesday.

The pound sterling and the Euro closed at N477 and N428 to the naira, respectively.

At the Bureau De Change (BDC) window, the naira was traded at N363 to the dollar, while the pound sterling and the Euro closed at N477 and N428, respectively.

Trading at the investors window saw the naira closing at N367.50 to the dollar.

Traders expressed optimism that the interventions by the CBN at the market were capable of closing the gap further between the rates at the parallel market and other segments.

Not all the BDCs in the South West bought foreign exchange from the weekly auction on Tuesday.

A credible BDC source told NAN on condition of anonymity that since the near convergence of rates many BDCs were trading at a loss.