Zenith Bank, others stock appreciate despite industrial action

By Odunewu Segun

The stocks of Zenith Bank and other quoted companies appreciated on the floor of the Nigerian Stock Exchange at the close of trading on Wednesday despite concerns over the proposed mass protest organized by organized Labour.

Zenith Bank gained by 4.02 per cent to close at N15.02 per share. African Prudential led the gainers’ table by 4.98 per cent to close at N2.95 per share. UAC Property trailed with a gain of 4.50 per cent to close at N4.18, Continental Reinsurance advanced by 3.85 per cent to close at N1.08 and John Holt appreciated by 3.80 per cent to close at 82 kobo per share.

On the other hand, Tiger Brands led the losers’ table with 9.68 per cent to close at N5.13 per share. Skye Bank followed with a loss of 6.84 per cent to close at N1.09, while Champion Breweries depreciated by 5.42 per cent to close at N2.79 per share. Flourmill declined by 4.98 per cent to close at N22.33 and Vitafoam went down by 4.97 per cent to close at N4.21 per share.

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In all, trading on the floor of the NSE gained about 0.41 per cent with All-Share Index going up by 108.38 basis points from 26,655.48 to 26,763.86 basis points. Similarly, the market capitalization of the listed equities appreciated by N19 billion from N9.173 trillion to N9.192 trillion.

Capital market analysts said that yesterday’s uptrend was majorly driven by a renewed appetite for banking stocks, with 10 of the 15 listed tickers in the sector trending northwards as investors bet on attractive pricing.

Market breadth improved with 22 gainers and 23 losers compared to the previous day with 14 gainers and 31 losers.