Home Business Corporate earnings drive NSE market index up 0.07%

Corporate earnings drive NSE market index up 0.07%

First quarter (Q1) reports from some quoted companies on the Nigerian Stock Exchange (NSE) drove the All Share Index (ASI) up marginally by 0.07 per cent to 22,616.28 points at the close of transactions yesterday.

Daily Sun investigations show results from the banking sector remained on a steady positive trajectory with increasing online transactions moderating decline in other incomes, as several other companies showed comparatively steady performance while the manufacturing sector continued to struggle with combined negative impact of poor logistics, energy and taxes.

Thus, investors handpicked gains in the shares of GT Bank, Zenith Bank and MTNN, which in turn buoyed the market capitalisation up by N9 billion to settle at N11.786 trillion while year-to-date (ytd) loss eased to -15.7 per cent.

However, activity level on the bourse weakened as the volume and value of stocks traded fell by fell 49.9 and 40.4 per cent respectively to 106.12 million units and N1.33 billion, in 3,354 deals. Lasaco topped the activity chart with the sale of 13.54 million shares valued at N3.52 billion. GT Bank transacted 11.75 million shares worth N228.99 million while UBA sold 11.01 million shares valued at N64.99 million.

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