Driven by gains in banking stocks, the Nigerian stocks market recorded a marginal gain of 0.01 percent on Thursday, March 28, 2019, to halt three consecutive sessions of negative performance on the Nigerian Stock Exchange (NSE).
The All Share Index (ASI) gained by 4.05 absolute points, representing an increase of 0.01 percent, to close at 30,833.50 points. Similarly, market capitalization increased by N2 billion, to close at N11.594 trillion.
Indicative of the weak gain, only the Banking Index closed in positive territory, as it increased by 0.36 percent on share price gains of Wema Bank Plc, Guaranty Trust Bank Plc, United Bank of Africa (UBA) Plc and FBN Holdings Plc.
Wema Bank was the most active stocks as it traded 1.7 billion shares, valued at N1.28 billion.
“Despite the mild uptick in performance, we maintain a conservative outlook for today’s trading session as investor sentiment remains weak. However, we opine that the lingering bearish sentiment continue to present attractive opportunities for investors to take position,” said analysts at Afrinvest Limited.
However, the market breadth remained negative, with 14 gainers versus 17 losers. C &I Leasing recorded the highest price gain of 9.90 percent, to close at N7.99 per share. NASCON followed with a gain of 9.89 percent to close at N20, while Presco appreciated by 9.68 percent to close at N68 per share.
Wema Bank went up by 9.59 percent, to close at 80 kobo, while Associated Bus Company rose by 8.16 percent to close at 53 kobo per share. On the other hand, Sovereign Trust Insurance led the losers’ chart, dropping by 9.09 percent to close at 20 kobo, while Union Bank of Nigeria followed with a decline of 7.04 percent to close at N6.60 per share. AIICO Insurance declined by 5.33 percent, to close at 71 kobo, while Cement Company of Northern Nigeria (CCNN) and PZ Cussons Nigeria declined by five percent each to close at N19 and N9.50 per share, respectively.
