Equities Gain 0.4% Despite NLC’s Strike

Equities Gain 0.4% Despite NLC’s Strike

Oladejo Amos
Equities shrug off macro uncertainties, gains 41 points on the Nigerian Stock Exchange on Wednesday despite strike action by the National Labour Congress, NLC.
It recovered most of previous day’s losses, as the All Share Index gained 0.4 per cent to settle at 26,763.9 points, as against the decline of 0.61 per cent recorded the preceding day to close at 26,655.48 points.
Market capitalization also increased by N37.3billion to settle at N9.2trillion, in contrast to the drop of N56 billion recorded the preceding day to close at N9.172 trillion.
The difference in the movement of the index and the market capitalization was as a result of the delisting of eight companies delisted from the Exchange.
The companies were IPWA Plc, G. Cappa Plc, West African Glass Industries Plc (WAGI), Investment & Allied Insurance Plc, ALUMACO Plc, Jos International Breweries Plc, Adswitch Plc and Rokanna Plc.
Market activity as measured by value and volume traded saw divergent trends as the value traded declined by 22.6 per cent to N2.1billion, while the volume traded added 69.4 per cent to at 670.8million units.
Also, 22 stocks appreciated in price while there were 23 decliners.
Investment analysts at United Capital noted that owing to uncertainties around the actions of the Nigerian Labour Congress, NLC and the government there may be mixed sentiment in today’s trading session, as investors assume a more cautious stance to trading.
Africa Prudence Insurance Plc led the gainers’ table with 14 kobo or 4.98 per cent to close at N2.95 per share, followed by UAC-Properties Plc with 18 kobo or 4.50 per cent to close at N4.18 per share.
Zenith Bank Plc gained 58 kobo or 4.02 per cent to close at N15.02 per share, while Continental Insurance Plc appreciated four kobo or 3.85 per cent to close at N1.08 per share.
On the flip side, Tiger Brands Plc lost 55 kobo or 9.68 per cent to close at N5.13 per share, while Skye Bank shed eight kobo or 6.84 per cent to close at N1.09 per share.
Champion Breweries Plc depreciated 16 kobo or 5.42 per cent to close at N2.79 per share, while Flour Mills Plc fell N1.17 or 4.98 per cent to close at N22.33 per share.