By InvestAdvocate

Lagos (INVESTADVOCATE)- The local bourse on Wednesday trudged along, driven by renewed bargain hunting activities which lifted the Nigerian Stock Exchange all-share index (NSE ASI) and market capitalisation by 0.55 percent to close at 27,421.83 points and N9.42 trillion respectively.

“Today’s positive close decreased the Month-to-Date and Year-to- Date losses to 2.10 percent and 4.26 percent respectively,” Cordros daily market update affirmed.

The report says the Banking and Consumer Goods indices appreciated by 0.79 percent and 0.70 percent each, following gains in the shares of Nigeria’s tier one lender, Guaranty Trust Bank Plc and Access Bank Plc by 1.21 percent and 1.82 percent apiece. While brewing giant, Nigerian Breweries Plc and food and beverage producer, Nestle Nigeria Plc climbed up 2.03 percent and 0.61 percent respectively.

In the same vein, price appreciations in the shares of oil marketing major, Total Nigeria Plc by 1.69 percent bolstered the Oil and Gas index by 0.24 percent.

Cordros reports on the downside, that the Insurance and Industrial Goods indices plunged 0.15 percent and 0.04 percent each, owing to losses recorded by insurer, AIICO Insurance Plc by 2.94 percent and chemical producer, Chemical & Allied Product Plc by 9.73 percent respectively.

At the close of the session, market breadth on the Nigerian bourse remained negative, with 19 gainers and 21 losers posted, according to daily market statistics made available by the NSE.

Hospitality firm, Ikeja Hotels Plc emerged the top gainer with a gain of 0.09 kobo per share; while soft drink manufacturer, SevenUp Bottling Company Plc topped the losers chart with a loss of N11.64 per share to close the session.

In terms of turnover, total volume traded on the Nigerian equities market fell by 6.10 percent to 391.37 million shares, valued at N3.40 billion, and exchanged hands in 3,103 deals.

“Given today’s positive performance, we expect bullish sentiments to persist in tomorrow’s session,” the Cordros report said.

The post Stocks Trudges on, Driven by Bargain Hunting to Lift NSE ASI 0.55% appeared first on Investadvocate.

By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)- Local equities continued to rally on sustained bargain hunting activities on the Banking and Consumer Goods sectors, as the  all-share index (ASI) on Monday climbed up by 0.49 percent to close at 25,828.30 points, while market capitalisation added N43.58 billion to N8.88 trillion.

”Today’s proceedings further increased the Month-to-Date gain to 3.06 percent and pared the Year-to-Date loss to 9.82 percent, according to Cordros daily market update.

The report says at the close of today’s trading on the Nigerian Stock Exchange (NSE) positive investor interests in the shares of Nigeria’s top tier lenders, Zenith Bank Plc and Guaranty Bank Plc gained 4.56 percent and 3.03 percent apiece to led the Banking index up by 2.08 percent.

Similarly, the Consumer Goods sector appreciated by 0.60 percent on price gains reported in the shares of beermaker, Nigerian Breweries Plc by 1.41 percent.

On the flipside, the Industrial Goods, Insurance and Oil & Gas indices plunged 0.06 percent, 1.03 percent and 0.37 percent respectively, owing to sell-offs in the shares of cement producers, Cement Company of Northern Nigeria Plc, insurer, Axa Mansard Insurance Plc and oil marketing firm, Total Nigeria Plc by 4.58 percent, 4.69 percent and 3.18 each.

Cordros reported that at the close of the session, market breadth was positive, with 29 gainers and 18 losers, according to the NSE’s daily market statistics.

Soap and detergent manufacturer, Unilever Nigeria Plc topped the gainers chart with a gain of N3.30 per share; while drugmaker GlaxoSmithKline Consumer Nigeria Plc emerged the top loser with a loss of N1.07 per share to close the session.

In terms of turnover, total volume traded on the Nigerian bourse jumped by 209.18 percent to 559.96 million shares, valued at N6.44 billion, and traded in 3,655 deals.

“We expect gains to be sustained in tomorrow’s session, as today’s activities indicate strengthened interest,” the Cordros update affirmed.

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28/4/2016/Fidelity Bank Plc

Our attention has been drawn to reports in the media on investigations into transactions undertaken by the Bank in the normal course of business in 2015.

The transactions are now the subject matter of investigations by the Economic & Financial Crimes Commission (EFCC).

We can confirm that the transactions were duly reported as required by the regulators and the Bank is cooperating fully with the authorities on the investigation.

We assure our numerous stakeholders, including our customers that we are working assiduously towards a quick resolution of the issues.

Update

Shares of Fidelity Bank at the close of the Thurday’s trading on the Nigerian bourse appreciated 2.56 percent to N1.20 from N1.17 traded the previous session; gaining 0.03 percent.

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