Views: Visits 9 The nation’s bourse opened trading for the new week on Monday on a positive note with a growth of N59 billion, following interests in Tier 1 banks. Specifically, the market capitalisation which opened at N20.431 trillion inched higher by N59 billion to close at N20.490 trillion. Also, the All-Share Index increased by 113.99 points or 0.29 per cent to close at 39,312.74 from 39,198.75 achieved on Friday. Accordingly, the month-to-date and year-to-date losses moderated to 1.3 per cent and 2.4 per cent, respectively. The gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Zenith Bank, Guaranty Trust Bank, Okomu Oil, Africa Prudential and Lafarge Africa.
Specifically, the market capitalisation which opened at N20.431 trillion inched higher by N59 billion to close at N20.490 trillion. Also, the All-Share Index increased by 113.99 points or 0.29 per cent to close at 39,312.74 from 39,198.75 achieved on Friday. Accordingly, the month-to-date and year-to-date losses moderated to 1.3 per cent and 2.4 per cent, respectively. The gain was driven by price appreciation in large and medium capitalised stocks amongst which are Zenith Bank, Guaranty Trust Bank, Okomu Oil, Africa Prudential and Lafarge Africa. Analysts at United Capital Plc had anticipated that the bears would dominate transactions this week, amid Treasury Bills auction. We expect the overall theme of the market to tilt towards the bears, considering the anticipated NTB auction scheduled to hold later in the week.
NGX rebounds by 1.75% on Dangote Cement, MTNN gains
By Chinyere Joel-Nwokeoma
Lagos, April 29, 2019 Trading returned to positive territory on Thursday with the key indices rebounding by 1.75 per cent , amid gains by some highly capitalised stocks.
Consequently, the All-Share Index chalked up 679.72 points or 1.75 per cent to close at 39,461.20 from 38,781.48 recorded on Wednesday.
Similarly, the market capitalisation inched higher by N355 billion in six hours to close at N20.651 trillion against N20.296 trillion.
The uptrend was also driven by price appreciation in medium and large capitalised stocks amongst which include
Dangote Cement, MTN Nigeria Communication, Okomu Oil, Julius Berger and Ekocorp.
Nigerian stocks rebound on big-cap gains, impressive earnings reports
The all-share index went up by 679.72 points to 39,461.20, while market capitalisation rose to N20.652 trillion.
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Nigerian stocks rebounded on Thursday with the benchmark index advancing 1.75 per cent, clawing backgrounds lost at the previous training session as big-cap equities including Dangote Cement and MTN drove gains.
A raft of first-quarter earnings reports turned out positive, impelling investors to take a risk-on approach to trade, with companies like Access Bank, Vitafoam, Total, BUA, Okomu Oil, Dangote Sugar, Seplat, and Union Bank posting growth in profit.
Also strengthening gains, the industrial index jumped 3.58 per cent to 1,902.59 basis points, recording the best performance of the five sectorial indices tracked by the bourse.
Auditors which conducted mandatory audit services to companies listed on the Nigerian Stock Exchange took home N8billion for their services in 2020.
This implies that on the average each earned about N1.4 billon during the period. As a publicly listed entity, every business is expected to have its accounts audited by statute.
The audit is also expected to be done by an external Auditor and Auditors must be changed at least every 10 years to maintain the independence of the Auditors.
Based on various adit report in public domain on the financial statements of the companies on the NSE-30, it was computed that these companies paid a total of N8.87 billion as Auditor’s remuneration in 2020.