Banking, mortgage, ICT stocks buoy trading at NSE

Trading in the banking, mortgage and Information and Communication Technology sub-sectors buoyed trading volume on the Nigerian Stock Exchange on Thursday.

At the close of activities, a total of 220.90 million shares, valued at N1.98bn were exchanged in 5,740 deals.

Activities in the banking sub-sector drove volume, accounting for 53 per cent of total turnover. Investors staked a total of N910.99m on 118.04 million shares in 3,174 deals, with the shares of First Bank of Nigeria Plc, Guaranty Trust Bank Plc and Ecobank Nigeria Plc driving volume in the sub-sector.

The mortgage sub-sector followed on the activity chart, accounting for 7.9 per cent of turnover. Activity in the sub-sector was driven by trading in the shares of Aso Savings and Loans Plc, as it accounted for 86 per cent of the sub-sector‘s total.

According to market analysts, the upbeat recorded in the market cut across all the sectors, particularly the banking, mortgage and ICT sub-sectors. These sub-sectors witnessed moderate buying. The analysts, however, said that the market might witness profit taking activities soon.

Costain West Africa Plc led 42 stocks on the gainers‘ chart, rising by five per cent or 33 kobo to close at N6.94 per share, while Bank PHB Plc gained 4.8 per cent or nine kobo to close at N1.97 per share.

Union Bank of Nigeria Plc followed with a 4.7 per cent or 21 kobo gain to close at N4.66 per share.

UAC of Nigeria Plc recorded the highest loss, down by five per cent or N2.00 to close at N38.00 per share.

Mobil Nigeria Plc lost five per cent or N7.62 to close at N144.88 per share, while Honey Well Flour Mills Plc dropped by 4.96 per cent or 25 kobo to close at N4.79 per share.

Meanwhile, the NSE‘s All Share Index rose by 0.35 per cent or 86.3 points to close at 24942.38, from 24,856.08 points recorded on Wednesday.

Similarly, the market capitalisation of the listed equities appreciated by 0.35 per cent or N28bn to close at N7.97tn, as against N7.94tn recorded the previous day.

The NSE-30 Index closed at 1,071.76 points, indicating a 0.52 per cent or 5.54 points increase, from 1,066.22 recorded the previous day.
Source:punchng