Tuesday, 22 September 2020 02:59

GTBank, MTN Propel Marginal Stock Market Appreciation

Gains recorded by Guaranty Trust Bank Plc and MTN Nigeria Communications Plc led to a marginal appreciation in the Nigerian Stock Exchange (NSE) All-Share Index (ASI) on the first trading day of the new week.

The NSE ASI appreciated by 0.01 per cent to close at 25,574.35, while market capitalisation added N929 million to be at N13.4 trillion. Ordinarily, the market ought to have closed in the negative territory considering the fact there were more price losers than gainers. A total of 16 stocks dipped in value while only nine stocks appreciated.

However, gains recorded by MTNN, GTBank and UAC of Nigeria Plc propelled the positive performance. But ABC Transport Plc led the price gainers’ table with 10 per cent, trailed by WAPIC Insurance Plc with 8.1 per cent. UACN of Nigeria Plc chalked up 5.7 per cent, just as Mutual Benefits Assurance Plc and Cornerstone Insurance Plc garnered 5.0 per cent and 4.9 per cent in that order.

International Breweries Plc chalked up three per cent, just as Presco Plc went up by 1.8 per cent. Shareholders of Presco Plc early this month approved the N2 billion dividend recommended by the board for the year ended December.
The shareholders commended the board and management of the company for the impressive financial performance and recommendation of the dividend, which translated to 200kobo per share.
They commended efforts by the board and management of Presco Plc to boost the company’s operations, noting that they were particularly impressed with the resolve to pay dividend and sustain growth agenda.

Chairman of the company, Pierre Vandebeeck, had told the shareholders about the construction of a new 350 tons per day palm kernel crushing plant was completed while work on the new 500 tons per day vegetable oil refinery has been completed with its commissioning scheduled for this year.

Meanwhile, Champion Breweries Plc led the price losers with 10 per cent, trailed by Redstar Express Plc with 9.2 per cent. Japaul Oil shed 4.7 per cent, while Regency Insurance Plc went down by 4.1 per cent. Jaiz Bank Plc and Julius Berger Nigeria Plc lost 3.3 per cent and 3.2 per cent in that order.

Activity level was mixed as volume traded rose 1.4 per cent to 196.1 million shares while value traded declined 6.4 per cent to N1.7 billion. The most traded stocks by volume were FBN Holdings Plc (43.4 million shares), Chams Plc (26.2 million shares) and United Bank for Africa Plc (13.2 million) while MTNN (N769.7 million), FBN Holdings Plc (N214.5 million) and (Zenith Bank Plc (N195.1 million) led by value.

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