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MARKET INDICES SOAR ON BLUE CHIP GAINS

By NBF NEWS
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Equity trading on the Nigerian Stock Exchange on Thursday continued on a bullish note as market indices rise on price gains of blue chips.

Market gauges moved up as a result of price gains in the petroleum, food/beverages and tobacco, construction, building and banking sub-sectors.

The market capitalisation of the listed equities appreciated by 1.0 per cent or N67bn to close at N6.649tn from N6.582tn on Wednesday.

Also, the NSE's All Share Index rose by 1.0 per cent or 273.69 basis points from 27,216.03 basis points to close at 27,489.72 basis points on Friday.

The NSE-30 index also increased by 0.71 per cent or 7.83 points to close at 1,104.93 basis points, compared to 1,097.10 basis points recorded the previous day.

Trading in the banking sub-sector drove volume as usual, accounting for 46.39 per cent of total turnover. The banking index rose by 1.12 per cent or 5.09 points to close at 460.82 basis points as against 455.73 basis points recorded on Wednesday. Investors exchanged 369.94 million shares, valued at N4.135bn in 4,815 deals. Trading in the shares of First City Monument Bank Plc, United bank for Africa Plc and Zenith Bank Plc drove volume in the sub-sector.

The insurance sub-sector followed on the activity chart, as it accounted for 19.3 per cent of total turnover. The insurance index rose by 0.98 per cent or 2.05 points from 208.38 basis points to close at 210.43 basis points on Thursday. The shares of Lasaco Assurance Plc, Mutual Benefits Assurance Plc and Law Union and Rock Insurance Plc drove activities in the sub-sector.

Mobil Nigeria Plc led 76 other stock on the gainers' chart, rising by five per cent or N5.65 to close at N118.67 per share, while Oando Plc and Flour Mills Nigeria Plc both rose by five per cent to close at N98.39 and N74.00 per share respectively.

Benue Cement Company Plc recorded the highest loss, shedding five per cent or N3.19 to close at N60.80 per share. Unilever Nigeria Plc also lost five per cent or N1.51 per share to close at N28.71 per share. Honeywell Flour Mills Plc, fell by five per cent or 45 kobo to close at N8.55 per share.