NSE marches into March on a bullish note, gains N65bn

BUA Cement rose by 3.82 percent to close at N74.75.

News Agency of Nigeria • March 1, 2021

Nigeria Stock Exchange building used to illustrate the story

Activities on the Nigerian Stock Exchange (NSE) commenced the week and month on Monday on a bullish trend, following uptick in BUA Cement, Zenith Bank and UBA.

Specifically, the market capitalisation increased by N65 billion or 0.33 percent to close at N20.892 trillion from N20.823 trillion posted on Friday.

Also, the NSE All-Share Index which opened the month of March at 39,799.89 rose by 131.74 points or 0.33 percent to close at 39,931.63.

Consequently, the month-to-date return settled at 0.3 percent, while the year-to-date loss moderated to 0.8 percent.

The uptrend was also driven by price appreciation in medium and large capitalised stocks amongst which are; UACN, AIICO Insurance, Veritas Kapital Assurance, BUA Cement and Neimeth International Pharmaceuticals.

Analysts at Afrinvest expected that earnings released and dividends declaration would influence trading activity in spite of weak investor sentiment.

UACN dominated the gainers’ chart in percentage terms with 6.67 percent to close at N8 per share.

AIICO Insurance followed with 5.22 per cent to close at N1.21, while Veritas Kapital Assurance rose by five per cent to close at 21k per share.

BUA Cement rose by 3.82 percent to close at N74.75, while Neimeth International Pharmaceuticals appreciated by 2.73 percent to close at N1.88 per share.

On the other hand, NASCON led the losers’ chart in percentage terms, losing 9.97 percent to close at N14.45 per share.

Champion Breweries followed with 9.92 percent to close at N2.27, while PZ Cussons shed 9.43 percent to close at N4.80 per share.

Lasaco Assurance lost 8.94 percent to close at N1.12, while Royal Exchange and Sovereign Trust Insurance depreciated by 7.41 percent each to close at 25k per share each.

Also, the total volume of trades increased by 7.2 percent to 543.99 million shares valued at N1.89 billion exchanged in 4,673 deals.

This was in contrast with a total of 507.25 million shares worth N2.44 billion traded in 4,465 deals on Friday.

Transactions in the shares of Wema Bank topped the activity chart with 369.68 million shares valued at N240.32 million.

Zenith Bank followed with 20.62 million shares worth N529.07 million, while Transcorp traded 13.02 million shares worth N11.48 million.

UBA traded 11.93 million shares valued at N98.65 million, while United Capital transacted 11.33 million shares worth N69.19 million.

(NAN)

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.