NSE: Diamond Bank shares drive stock market profits

Trading on the floor of the Nigerian Stock Exchange (NSE) returned on the upbeat on Wednesday after the downswing occasioned by profit takings on Tuesday.

The bulls regained its grip on market activities as investors take position on the blue chip companies, despite speculation that the local bourse will sustain its bearish trends.

With overall performance indicators, NSE ASI and market capitalisation, each appreciating by 0.15 per cent, investors got respite as transactions in blue chip companies lifted the equities market.

Consequently, the All-Share Index gained 39.56 basis points or 0.15 per cent to close at 26.385.80 basis points as against 26,346.24 recorded the previous day while the market capitalisation of equities appreciated by N11 billion or 0.15 per cent to close at N9.076 trillion from N9.065 trillion as market sentiments returned to the green zone.

Meanwhile, a turnover of 197.4 million shares in 3,410 deals was recorded in the day’s trading.

The banking sub-sector of the financial services sector was the most active during the day (measured by turnover volume) with 89.5 million shares exchanged by investors in 699 deals.

Volume in the sub-sector was largely driven by activities in the shares of Union Bank Plc and Diamond Bank Plc.

Also, other financial subsector, boosted by the activities in the shares of FCMB Plc and United Capital Plc, followed with a turnover of 27.6 million shares in 372 deals.

The number of gainers at the close of trading session was 19 while decliners closed at 16. Further analysis of the day’s trading showed that Okomu Oil Nigeria Plc topped the gainers’ table with 10.21 per cent to close at N44.27 per share while Presco Nigeria Plc followed with 10.20 per cent to close at N44.19 per share.

Air Services Plc gained 4.98 per cent to close at N2.74 per share. On the flip side, Guinness Nigeria Plc led the losers’ chart with a drop of 6.38 per cent to close at N74.90 per share.

Julius Berger Plc followed with a loss of 4.98 per cent to close at N36.66 per share while UAC-Property Plc dropped by 4.76 per cent to close at N3.00 per share.


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