Market closes August trading upbeat as index rises by 0.07%

Following gains recorded by most high capital stocks, the Nigerian Stock Exchange (NSE), ended trading for the month of August upbeat, as the All-Share Index (ASI), rose by 0.07 percent.

Precisely, the ASI increased by 17.76 absolute points, a growth of 0.07 percent to close at 25,327.13 points, while the market capitalisation gained N9 billion to close at N13.213 trillion.The uptrend was impacted by gains recorded in large and medium value stocks, including Mobil Nigeria, Dangote Cement, Lafarge Africa, Vitafoam Nigeria, and BUA Cement.

Meanwhile, analysts at United Capital Plc, said: “This week, we expect to see some profit-taking given the bullish performance in the last two weeks, especially as we continue to await the publication of tier-one Banks audited first half (H1), 2020 result.

Analysts at Afrinvest expect, “the soft demand to be sustained on the back of improved investor appetite.”However, market sentiment, as measured by the market breadth, was negative, as 17 stocks declined relative to 11 gainers. Mobil Nigeria recorded the highest price gain of 10 percent to close at N192.50, per share.

FTN Cocoa Processors followed with 8.33 percent to close at 26 kobo, while Royal Exchange rose 7.69 percent to close at 28 kobo, per share.

Vitafoam Nigeria advanced 4.39 percent to close at N5.71, and Lafarge Africa appreciated by 3.46 percent to close at N11.95, per share.

On the other hand, C&I Leasing led the losers’ chart by 10 percent to close at N3.60, per share. UACN Property Development Company followed with 7.61 percent fall to close at 85 kobo, and Red Star Express dipped 5.19 percent to close at N3.65, per share.

Mutual Benefits Assurance lost 4.76 percent to close at 20 kobo, while NEM Insurance shed 3.72 percent to close at N2.07, per share.

The total volume traded increased by 120.36 percent to 302.009 million shares worth N2.628 billion, traded in 3,854 deals. Transactions in the shares of UAC of Nigeria (UACN) topped the activity chart with 74.425 million shares valued at N425.225 million.

Zenith Bank followed with 23.896 million shares worth N400.401 million, and United Bank for Africa (UBA) traded 22.430 million shares at N141.151 million.

FBN Holdings traded 22.258 million shares valued at N109.923 million, while Access Bank transacted 18.019 million shares worth N112.153 million.

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