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Decliners retain grip %, as JOSBREW tops gainers

By The Rainbow
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Market Capitalisation of the Nigerian Stock Exchange (NSE) closed at N11.545 trillion from N11.498 trillion, representing an increase of 0.406 per cent, where as the All-Share index rose by 0.397 per cent to 36,256.66 points from 36,113.13 points.

Contrary to previous trading day’s proceedings, large caps (ex-DANGCEM) drove performance as NB (1.85%), NESTLE (+0.97%), GUARANTY (+1.91%) and ZENITHBANK (+2.01%) all closed in green.

Despite the apparent optimism, decliners retained their grip on the market breadth with 27 stocks in the red versus 22 gainers. However, the top gainers table was dominated by small cap stocks with JOSBREW (+9.89%) as it added  56 kobo to its N5.66 opening price, closing at N6.22 sustaining its lead. IHS gained 29 kobo; African Prudential, 14 kobo; Ikeja Hotel, 6 kobo; NPF Microfinance Bank, 5 kobo; DN Meyer, 12 kobo; ABC Transport, 4 kobo; Champion Breweries, 66 kobo; RT Briscoe, 4 kobo; just as FCMB notched 9 kobo.

NSE-30 (basket of heavy weights) also drove the day’s returns gaining 52bps. The larger share of demand was in favour of banking and consumer goods stocks which appreciated by 67bps each. While insurance sector reversed previous day’s gains, all other sectors stayed below waters.

Banking and consumer staples topped trade flows with NESTLE constituting 32.59% of market turnover. However, volume of transactions was 4.06% lowe

On the laggards' side, Custodian and Allied Insurance shed 14 kobo from its N1.44 opening price to close at N1.30. Neimeth International Pharmaceuticals dipped by 11 kobo. Thomas Wyatt fell by 7 kobo. Unilever shed N3; May&Baker, 8 kobo;  UTC, 2 kobo; UBA, 20 kobo; International Energy Insurance, 2 kobo; even as Cutix shed 5 kobo.

Meanwhile, a total of 188.459 million units of shares valued at N2.543 billion were exchanged in 5,061 transactions.

This was largely influenced by activities in the shares of UBA, as investors traded its 21.875 million units of shares for N155.801 million on 383 deals.