Bears maintain hold as the NSE closes in the red

The Nigerian Stock Exchange (NSE) maintained its negative sentiments as the All Share index closed at 35,228.23 basis points down 0.35% . Year to date, the market is down 7.73%

 Top Gainers and Losers 

Mutual Benefits Assurance Plc led the gainers in today’s trading session. The stock closed at N0.33, up 10%. Closely following was Custodian Investements which closed at N5.64, up 9.94%. Livestock Feeds plc closed at N0.69, up 9.52%

On the flip side, ABC Transport Plc was the worst loser, dropping by 10% to close at N0.36. Union Diagnostics closed at N0.27 also down 10%. Eterna Oil rounds up the top 3 losers to close at N6.50, down 9.72%

Top Trades by volume 

UBA Plc was the largest trading stock by volume today, as 26.8 million shares valued at N250 million were traded in 147 deals. LASACO Assurance Plc, traded 12.2 million shares valued at N3.7 million in 36 deals. Rounding up the top 3 gainers was FBN Holdings (holding company for First Bank) which traded 11.4 million shares valued at N280 million in 280 deals.

Corporate Actions

Corporate actions are decisions taken by a company’s board of directors or management, that could have impact on the firm itself or shareholders.

Examples of corporate actions include the payment of dividends, closing of shareholders’ registers, appointments, resignations,  and Annual General Meetings (AGMs).

The following corporate actions were announced today:

Great Nigeria Insurance Plc 

Great Nigeria Insurance Plc has appointed Col. Sule Yakasai (Rtd) as an Independent Non-Executive Director.

Linkage Assurance Plc 

Linkage Assurance Plc released its results for the half year ended June 2018. Gross Premium Written increased from N2.6 billion in 2018 to N3.6 billion in 2018. Profit before tax, however, fell from N2.4 billion in 2017 to N750 million in 2018. Profit after tax also dropped from N2.2 billion in 2017 to N493 million in 2018.

UPDC Real Estate Investment Trust 

UPDC Real Estate Investment Trust released its audited financial statements for the year ended December 2017. Income from real estate increased marginally from N1.1 billion in 2017 to N1.12 billion in 2018. Profit after tax, however, rose from N1.5 billion in 2017 to N2.2 billion in 2018