DESPITE few companies that recorded price appreciation at the end of yesterday's transactions, equity trading on the Nigerian Stock Exchange (NSE) closed in an upward trend, displacing the bearish note, which started the week, causing the All-Share Index to rise by 0.4 per cent.

This development is occasioned by heavy transactions witnessed in the shares of some highly capitalised stocks, just as the few price gainers were enough to push up the indices.

Specifically, at the close of trading yesterday, market capitalisation rose by N18 billion or 0.3 per cent from 22, 957.25 recorded on Tuesday to 23,033.02, while the All-Share Index increased by 75.77 points or 0.3 per cent, from N5.529 trillion to N5.547 trillion.

Transactions volume also witnessed an increase, as 443.1 million shares, worth N2.7 billion were exchanged in 7,122 deals, higher than 299.1 million units, valued at N22 billion, recorded in 7,377 deals in the previous day.

Further analysis of yesterday's transactions showed that 29 stocks appreciated in price, led by Nigerian Breweries Plc with 247 kobo, to close at N56.65 per share. African Petroleum Plc followed, adding 215 kobo, to close at N45.20 per share.

Others were Conoil Plc, CAP Plc, Honeywell Flourmill Plc, Ecobank Plc, which added 162 kobo, 134 kobo, 35 kobo and 27 kobo, to close at N34.17, N28.33, N7.40 and N5.71 per share respectively.

Also, Union Bank Plc, First Bank of Nigeria Plc, United Bank for Africa Plc, Capital Hotel Plc, Presco Nigeria Plc, Access Bank Plc, Fidelity Bank Plc and UACN Plc also added 25 kobo, 20 kobo, 20 kobo, 12 kobo, 11 kobo, 11 kobo, eight kobo and seven kobo, to close at N6.18, N14.60, N13.50, N2.62, N5.32, N9.51, N2.68 and N43.07 per share respectively.

However, 50 stocks depreciated in price, as West African Portland Cement Company, Cussons Plc turned the day's highest price losers, while BOC Gases Plc followed, shedding 54 kobo, to close at N10.39 per share. Flourmills Plc, Diamond Bank Plc, PZ Plc shed 40 kobo, 40 kobo and 30 kobo, to close at N46.30, N9.10 and N25.70 per share respectively.

Other losers of yesterday's trading include RT Briscoe, Constain West African Plc, National Salt Company of Nigeria Plc, Skye Bank Plc, First City Monument Bank Plc, DN MEYER Plc, Zenith Bank Plc and Air Services Plc, shedding 24 kobo, 23 kobo, 19 kobo, 18 kobo, 17 kobo, 16 kobo and 14 kobo, to close at N4.76, N4.97, N6.11, N7.45, N9.22, N3.26, N15.72 and N2.75 per share respectively.

Culled from The Guardian