Nigeria stock market defies Q2 GDP, up by N33bn
The market defied the negative Q2 GDP of 6.1% due to improved half year corporate earnings.
Specifically, the market capitalisation increased further by N33 billion or 0.25 per cent to N13.194 trillion against N13.161 trillion posted on Monday.
In the same vein, the All-Share Index rose by 62.61 points or 0.25 per cent to 25,291.73 compared to the 25,229.12 points recorded on Monday.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said the market defied the negative Q2 GDP of 6.1 per cent due to improved half year corporate earnings.
Omordion stated that the half year corporate earnings performance were above the market expectations, with emerging sectors outperforming the traditional sectors in the new normal.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; BUA Cement, Julius Berger, Flour Mills, Lafarge Africa and NEM Insurance.
Analysts at Afrinvest Limited said, "Given the gaining streak, we expect investors to take profit in subsequent trading days."
NEM Insurance dominated the gainers' chart in percentage terms, gaining 9.63 per cent to close at N2.05 per share.
Wapic Insurance trailed with 6.25 per cent to close at 34k, while Japaul Oil appreciated by 4.76 per cent to close at 22k per share.
Jaiz Bank garnered 3.51 per cent to close at 59k, while Julius Berger grew by 3.03 per cent to close at N17 per share.
Conversely, Beta Glass led the losers' chart in percentage terms, losing 9.99 per cent to close at N55.40 per share.
May and Baker followed with a loss of 9.90 per cent to close at N2.73, while Arbico dipped 9.52 per cent to close at N1.14 per share.
C &I Leasing shed 9.09 per cent to close at N4, while Cutix depreciated by 7.89 per cent to close at N1.75 per share.
The total volume of shares traded appreciated marginally by 0.06 per cent to 251.34 million shares, worth N1.168 billion achieved in 3,713 deals.
This was against a turnover 251.19 million shares valued at N2.36 billion transacted in 3,737 deals on Monday.
Transactions in the shares of Transcorp topped the activity chart with an exchange of 94.88 million shares worth N52.28 million.
United Bank for Africa accounted for 33.17 million shares valued at N216.45 million, while Wema Bank traded 14.55 million shares worth N7.43 million.
Zenith Bank sold 10.43 million shares valued at N176.45 million, while Sterling Bank transacted 9.63 million shares worth N11.29 million.
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