Market sustains winning streak as index gains N94 billion

Amid sustained bargain-hunting, the Nigerian Stock Exchange (NSE), extended its winning streak to the second consecutive trading yesterday, as market capitalisation gained additional N94 billion.

Specifically, the All Share Index (ASI) increased by 180.59 absolute points or 0.75 per cent to close at 24,278.07 points. Similarly, the market capitalisation garnered N94 billion to close at N12.665 trillion.

The uptrend was impacted by gains recorded in large and medium capitalised stocks including Julius Berger, Guaranty Trust Bank, Lafarge Africa, Okomu Oil, and Zenith Bank.

On the market performance, analysts at Afrinvest Limited, said: “Although we expect some profit-taking in the next session, low prices of fundamentally-sound stocks are attractive.”

Market breadth closed positive, with 25 gainers versus eight losers. Lafarge Africa recorded the highest price gain of 10 per cent to close at N11 per share.

Julius Berger followed with 9.90 per cent to close at N17.20, and Linkage Assurance rose 9.30 per cent to close at 47 kobo, per share.
Regency Alliance Insurance garnered 9.09 per cent to close at 24 kobo, and Red Star Express edged up 8.90 per cent to close at N3.55, per share.
On the other hand, Berger Paints led the losers’ chart by 9.63 per cent to close at N6.10 per share.

Caverton Offshore Support Group followed with 4.40 per cent fall to close at N1.74, while Ecobank Transnational Incorporated (ETI) lost 4.17 per cent to close at N4.60, per share.

Flour Mills of Nigeria dipped 2.70 per cent to close at N18.00, while Oando shed 2.17 per cent each to close at N2.25, per share.The total volume traded rose by 49.56 per cent to 232.609 million shares worth N4.698 billion, traded in 3,523 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 37.950 million shares valued at N67.225 million.

MTN Communications Nigeria followed with 27.97 million shares worth N3.218 billion, and Lafarge Africa traded 23.060 million shares at N250.494 million.

Guaranty Trust Bank traded 18.171 million shares valued at N403.612 million, while Zenith Bank transacted 16.776 million shares worth N276.416 million.