The Nigerian stock market opened for the week on a positive note as the Nigerian Stock Exchange (NSE) All-Share Index appreciated 0.1 per cent to close at 25,605.59, while market capitlisation added N7.1 billion to be at N3.32 trillion.
Gains recorded by Dangote Cement Plc, Lafarge Africa Plc and Guaranty Trust Bank Plc propelled the growth, which has reduced the year-to-date decline to 4.6 per cent. Activity level also improved as volume and value traded increased 20.8 per cent and 45.7 per cent respectively to 257 million shares and N3.3 billion, traded in 3,567.
In all, 17 stocks appreciated, while 16 others depreciated. Neimeth International Pharmaceuticals Plc led the price gainers’ chart with 9.55 per cent. The pharmaceutical manufacturing firm recently recorded a growth of 665 per cent in profit after tax (PAT) for the nine months ended June 30, 2020.
PAT soared to N237.63 million from N31.07 million recorded in corresponding period of 2019, while earnings per share rose from 2.0 kobo to 13 kobo in 2020.
Market operators said the substantial increase in distributable earnings places Neimeth in good stead for dividend payment at the end of the year. Commenting on the results, Managing Director/CEO, Neimeth International Pharmaceuticals Plc, Matthew Azoji, said the growth indicates the company’s growth strategies are resilient and have continued to gain traction.
According to him, the nine results lent credence to improving positive impact from the company’s medium-term strategic growth plan as it strives to open additional markets while consolidating its major domestic market.
Meanwhile, Royal Exchange Plc closed as the second highest price gainers with 7.1 per cent. CAP Plc appreciated by 7.1 per cent, just as Consolidated Hallmark Insurance Plc chalked up 6.9 percent.
CAP Plc gained 6.6 per cent, while Regency Insurance Plc, Jaiz Bank Plc, Lafarge Africa Plc and Law Union & Rock Insurance Plc garnered 4.3 per cent, 3.4 per cent, 1.9 per cent and 1.7 per cent respectively.
Conversely, International Breweries Plc led the price losers with 8.5 per cent, trailed by UACN Property Development Company Plc with 8.4 per cent. FCMB Group Plc shed 7.7 per cent, just as Fidson Healthcare Plc and Japaul 5.4 per cent and 4.7 per cent in that order.
In terms of sector performance, the NSE Industrial Goods Index led the gainers with 0.51 per cent, while the NSE Banking Index added 0.15 per cent. Conversely, the NSE Consumer Goods Index shed 0.50 per cent, followed by the NSE Oil & Gas Index with 0.08 per cent decline.