The shares of United Bank for Africa Plc, Zenith Bank Plc and Union Bank of Nigerian Plc recorded significant gains at the close of trading activities on Wednesday, thus boosting activities on the Nigerian Stock Exchange.
UBA, which had released its second quarter result the previous day, surged to a two month high at the close of trading, rising by 4.9 per cent or 20 kobo to close at N4.29 per share.
Zenith Bank also rose by five per cent or 70 kobo to close at N14.71 per share, while Union Bank gained 4.9 per cent or 20 kobo to close at N4.29 per share.
Other price gainers on Wednesday, included PZ Cussons Plc which gained 4.8 per cent of N1.21 to close at N26.39 per share, Diamond Bank Plc rising by 4.7 per cent to close at N2.41 per share and Paints and Coatings Manufacturing Plc which also gained 4.7 per cent to close at N2.41 per share.
Thus, the NSE’s All-Share Index rose by 0.6 per cent or 133.24 basis points from 22,120.47 points recorded the previous day, to 22,253.71 points on Wednesday.
Similarly, the market capitalisation of the listed equities gained 0.6 per cent or N42bn from N7.062tn recorded on Tuesday, to N7.104tn.
Other market indices such as the NSE-30 and the banking index recorded significant gain, rising by 0.7 per cent and 1.8 per cent to close at 1,037.41 and 342.36 points respectively, while the consumer goods index rose by 0.2 per cent or 4.05 points to close at 1,848.94 points.
The banking sub-sector maintained its lead on the activity chart, as it drove total volume and value on Wednesday.
In the sub-sector, investors exchanged 226.089 million shares, valued at N1.628bn in 2,052 transactions.
Volume in the sub-sector was driven by trading in the shares of Diamond Bank, UBA and Guaranty Trust Bank Plc.
Forte Oil Plc recorded the highest price loss of the day, shedding five per cent or 57 kobo to close at N10.84 per share.
Arbico Plc and Dangote Flour Mills Plc followed on the chart, shedding 4.9 per cent each to close at N21.19 and N6.37 per share respectively, while Cement Company of Northern Nigeria Plc and Nigerian Bags Manufacturing Company Plc shed 4.9 and 4.8 per cent to close at N5.42 and N1.98 per share in that order.
Source: Punch/Udeme Ekwere
