Stock Market Resumes Trading In May With 0.80% Gain


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Transactions opened on the Nigerian Stock Exchange (NSE) for the first trading day in the month of May on a bullish trend with the All-Share Index gaining 0.80 per cent.
In summary, the All Share Index (ASI) gained 206.67 absolute points, representing an increase of 0.80 per cent to close at 25,965.18 points. The market capitalisation gained N62 billion, to close at N8.975 trillion.
The upturn was significantly impacted by gains recorded in medium and large capitalised stocks, amongst which are; FBN Holdings, Oando, Zenith Bank, Seplat, Stanbic IBTC, Nestle, UBA, Guaranty Trust Bank, Total and Nigerian Breweries.
Analysts said that with a better first quarter performance results  than expected, 2017 budget likely to be approved by the national assemble this month, the CBN’s readiness to sustain it intervention in the FX market and the reserve still looking robust, there is a likelihood of improvement in the stock market for the month of May.
Market breadth was positive, with 22 gainers versus 12 losers. Fidson and NPF Micro Finance Bank recorded the highest price gain of 9.09 per cent each, to close at N1.20 and N1.44 per share, respectively, while FBN Holdings followed with a gain of 5.36 per cent to close at N3.34 per share.
Presco went up by five per cent to close at N47.25, while Eterna Oil appreciated by 4.95 per cent  to close at N3.18 per share.
On the other hand, UACN led the losers’ chart by 4.98 per cent, to close at N13.75 per share. Jaiz Bank followed with a decline of 4.35 per cent to close at N1.10, while Forte Oil declined by 4.23 per cent to close at N43 per share.
Aiico Insurance depreciated by 3.77 per cent to close at 51 kobo and FCMB declined by 3.13 per cent to close at 93 kobo per share.
However, the total volume traded depreciated by 47.87 per cent to 191.024 million shares, worth N2.13 billion, and traded in 3,392 deals. Transactions in the shares of Zenith Bank topped the activity chart with 34.3 million shares valued at N524.34 million. Guaranty Trust Bank followed with 25.65 million shares worth N690.03 million, while Wapic Insurance traded 18.4 million shares valued at N9.21 million.

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