Stock Market Plummets despite President Jonathan’s Visit

Financial Brands, Transnational Corporation, Others Anchors Market Rally

After seven consecutive days of losses last week, the Nigeria stock exchange market recovered on Monday, appreciating by 0.52 per cent to close at 27,728.63. The positive trend continued with the Nigerian Stock Exchange (NSE) All-Share Index (ASI) rising by 2.61 per cent to close higher at 28,452.60, adding N242 billion in value terms to close at N9.5 trillion.

Financial brand Guaranty Trust Bank Plc led gainers with 10.23 per cent or N1.93 to close at N20.80 per share. Transnational Corporation of Nigeria Plc and Access Bank Plc gained 9.02 per cent and 6.13 per cent to close at N2.78 per share and N5.54 per share, while United Bank for Africa Plc rose by 5.32 per cent to close at N3.17 per share.

Health brand maker, GlaxoSmithKline Consumer Nigeria Plc advanced by five per cent or N2 to N42 per share, while Okomu Oil Plc and Guinness Nigeria Plc appreciated by 4.98 per cent and 4.73 per cent to close at N30.75 and N124.70 per share, respectively.

Also among the big cap gainers on Wednesday were FBN Holdings Plc (4.41 per cent), Dangote Cement (3.89 per cent), Zenith Bank Plc (3.41 per cent), Diamond Bank Plc (3.19 per cent) and Seplat Petroleum Development Company Plc (2.97 per cent.)

International Breweries Plc led the 11 companies that depreciated on Wednesday, shedding five per cent or 97 kobo to close at N18.44 per share.

RT Briscoe Plc was also down by five per cent or four kobo to close at 76 kobo per share, while Julius Berger Nigeria Plc and NPF Microfinance Bank Plc fell by 4.91 per cent and 4.71 per cent to close at N40.11 and 81 kobo per share in that order.

A total of 424.326 million shares worth N3.486bn were traded in 4,731 deals, compared to the 500.191 million shares worth N3.498bn that were exchanged by investors in 4,199 deals on Tuesday.