Equities notched 0.23% amidst festivity, as Conoil lead gainers

By Chioma Obinagwam

The Nigerian equities market witnessed an upward trend amidst the just concluded Eid-El-Kabir celebration, closing 0.23 per cent higher.

According to the Daily Official list of the Nigerian Stock Exchange (NSE) for September 14, 2016, the NSE All-Share index, a series of numbers showing the changing average value of the share prices of all companies on a stock exchange, and which is used as a measure of how well a market is performing, rose by 64.61 basis points(bps) or 0.23 per cent from the 27,577.52 bps to close at 27,642.13 points.

In the same manner, the market capitalisation of listed equities on the main board of the NSE grabbed N22.19 billion or 0.23 per cent more to close at N9.50 trillion.

The renewed sentiments is, among other factors, triggered by investors taking advantage of the low prices of shares to take position in companies with strong fundamentals and juicy returns.

Meanwhile, Conoil led other share price gainers after adding N2.42 or 10.17 per cent to N23.79 opening price to close at N26.21.

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This rally on the stock is not surprising though, as Conoil recently reported a 176 profit growth for its 2015 financial year.

Trailing it is Unilever, which added N2.01; African Prudential Registrars gained 12 kobo; Unity Bank increased by 2 kobo; Champions Breweries grabbed 6 kobo; even as Dangote Flour Mills grabbed 9 kobo.

On the flip side, Diamond Bank shaved 7 kobo or 5.83 per cent from the N1.20 opening price to settle at N1.13.

Sterling Bank shrunk by 5 kobo; Transnationwide Express dipped by 5 kobo; FCMB shed 5 kobo; Aiico Insurance decreased by 3 kobo; Honeywell Flour Mills plunged by 6 kobo; where as Fidelity Bank suffered 4 kobo loss.