The stock market pared losses of the previous day to close higher yesterday, as bellwether stocks lifted the Nigerian Stock Exchange (NSE) All-Share Index by 0.85 per cent to 29,746.24. Stocks such as United Bank for Africa Plc, Nestle Nigeria Plc, Zenith Bank Plc, were among the price gainers as 21 equities appreciated compared to 10 that depreciated. Market capitalisation also added N94.0 billion to close at N11.17 trillion.
In the same vein, activity level strengthened with volume and value traded expanding by 42.87 per cent and 159.1 per cent respectively, as investors traded 319.7 million shares worth N4.62 billion.
Chams Plc led the price gainers with 10 per cent following investors sustained their high demand for the stock after it recovered from a loss in 2017 to profit last year.
Chams Plc recorded a profit after tax (PAT) of N380 million in 2018, up from a loss of N1.27 billion in 2017, following strategic business restructuring embarked upon by the company.
Group Managing Director and Chief Executive Officer, Chams Plc, Mr. Femi, Williams had said it was the positive effects of the management’s determination to revamp the company’s operations for enhanced profitability in other performance indicators.
“ This result is a testament to the group’s dedication to revamping the fortune of the company, coming from a loss position to record this impressive performance is the first step in our arsenal of strategies lined up for deployment this year. As can be seen from the result, we recorded a growth of 54 per cent in revenue year- on-year, while we grew profit before tax by 124 per cent. I would like to assure all our investors and shareholders that we would not rest on our oars as we would keep firing from all cylinders in order to maintain and surpass this performance by the end of the fiscal year 2019,” he said.
Dangote Flour Mills Plc closed as the second highest price gainer, chalking up 9.7 per cent, while Transnationwide Express Plc garnered 9.3 per cent. African Prudential Plc went up by 8.0 per cent among others.
Conversely, John Holts Plc led the price losers with 9.6 per cent, followed by Royal Exchange Plc with 8.7 per cent, while A.G Leventis Plc shed 7.1 per cent.
Meanwhile, the top traded stocks by volume were Union Bank of Nigeria Plc(134.14 million shares); Guaranty Trust Bank Plc (61.05 million shares) and Afrinsure (15 million shares) while the top trsded stocks by value were GTBank (N2.15 billion); Union Bank ( N912.18 million) and Dangote Cement Plc (328.68 million).