Nigerian Stock Exchange Halts Losing Streak on GSK, Japaul Oil Gains

The three days losing streak on the Nigerian Stock Exchange, NSE, was halted today following the buy pressure on 29 entities led by GlaxoSmithKline, GSK Plc and Japaul Oil and Maritime Services Plc.

GSK since the release of its 2017 financial statement which showed 79.6 percent decline in profit after tax, PAT, has been resilient to the market forces, which had seen other companies that earlier announced their results decline in price.

The company had announced 11.9 percent increase in turnover to N16.09 billion and N486.433 million post tax profit in 2017, representing 79.6 percent decrease against N2.38 billion posted in the preceding year. It also declared N7.10 special dividend and 40kobo final dividend for the year.

Breakdown of trading activities today showed that the company led the gainers with 10.20 percent price increase to close at N24.30 from N22.05. This was followed by Japaul Oil and Maritime Services Plc which recorded 8.62 percent increase to close at N0.63 from N0.58.

May & Baker Plc Placed third, rising by five percent to close at N2.70 from N2.60. FCMB Holdings Plc ranked fourth, appreciating by 4.94 percent to close at N2.55 from N2.43, while Continental Reinsurance Plc was up 4.91 percent to close at N1.71 from N1.63 per share.

Consequently, the market capitalisation of listed equities rose by N196 billion to close at N15.040 trillion from N14.844 trillion, representing 1.3 percent increase.

In the same vein, the All Share Index, ASI, rose by 0.3 percent to settle at 41,633.79 points from 41,495.43 points.

Conversely, 28 losers emerged during the day led by Multiverse Mining and Exploration Plc with 8.70 percent decline to close at N0.21 from N0.23. UnityKapital Assurance Plc closed as the second on the list, declining by 8.33 percent to close at N0.22 from N0.24.

FTN Cocoa Processors Plc depreciated by 7.69 percent to close at N0.24 from N0.26; Consolidated Hallmark Insurance Plc went down by 5.71 percent to close at N0.33 from N0.35, while Access Bank Plc nose-dived by 5.33 percent to close at N11.10 from N11.75 per share.

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