Earnings expectation: Trading on NSE rebounds by 0.80%

Whatapp News

Share this news:

Lagos  –  Transactions on the Nigerian Stock Exchange (NSE) rebounded on Wednesday after dropping for three-consecutive trading sessions due to profit taking and Brexit.

The News Agency of Nigeria (NAN) reports that the market indices appreciated by 0.80 per cent due to gains posted by some blue chips.

Specifically, the All-Share Index rose by 237.67 points or 0.80 per cent to close at 29,812.91 compared with 29,575.24 achieved on Tuesday.

Also, the market capitalisation inched N82 billion to close at N10.239 trillion against N10.157 trillion posted on Tuesday.

A market analyst, Mr Ambrose Omordion, attributed the rebound to investors expectations of full-year scorecards for companies with March 31, as full-year and half-year earnings.

Omordion said that half-year earnings season being anticipated to start tickling in the market reversed the market trend.

An analysis of the price movement chart showed that Forte Oil led the gainers’ table, growing by N3.03 to close at N194.03 per share.

Julius Berger followed with a gain of N2.42 to close at N50.93, 7UP gained N2 to close at N142 per share.

Dangote Cement appreciated by N1.89 to close at N194 and Guaranty Trust Bank improved by 93k to close at N23.25 per share.

Conversely, Ashaka Cement topped the losers’ chart, dropping by N1.05 to close at N19.95 per share.

Champion Breweries trailed with a loss of 23k to close at N4.46, while UAC Property decreased by 22k to close at N4.28 per share.

ETI dropped 19k to close at N16.51 and Fidson declined by 17k to close at N2.27 per share.

Similarly, the volume of shares traded closed higher with a total of 305.81 million shares valued at N2.86 billion transacted in 4,640 deals.

NAN reports that this was in contrast with 255.25 million shares worth N3.30 billion exchanged in 4,812 deals on Tuesday.

Transcorp remained the toast of investors’, trading 52.97 million shares worth N94.56 million.

It was followed by Access Bank with 45.57 million shares valued at N264.27 million, while United Bank for Nigeria accounted for 38.48 million shares worth N183.04 million.

GT Bank sold 35.81 million shares valued at N829.10 million and FBN Holdings exchanged 30.18 million shares valued at N124.28 million. (NAN)

Share this news: