Ardova, Lafarge Africa, others lift market index by 0.17%

Transactions on the Nigerian Stock Exchange (NSE) reopened upbeat yesterday occasioned by gains in some blue-chip stocks, including Ardova and Lafarge Africa, leading to a rise in the All-Share Index (ASI) by 0.17 per cent.

At the close of trading, ASI gained 64.96 absolute points, representing a growth of 0.17 per cent to close at 39,396.57 points. Similarly, the overall market capitalisation value rose by N34 billion to close at N20.612 trillion.

The uptrend was also driven by appreciation in medium and large-capitalised stocks such as Lafarge Africa, Ardova, FBN Holdings and Access Bank.

Analysts at United Capital said: “We expect the market to receive some respite as sellers take a breather. Also, the absence of an NTB auction this week is expected to calm the surge in yields and provide some temporary respite for equities. However, we note that unexpected negative surprise in corporate performance is a major headwind.”

Also, market sentiment, as measured by market breadth, was positive, as 26 stocks gained, relative to 15 losers. Ardova and Linkage Assurance recorded the highest price gain of 10 per cent each to close at N14.85 and 55 kobo while Champion Breweries followed by a gain of 9.52 per cent to close at N1.84 kobo.

Oando rose by 9.43 per cent to close at N2.90 kobo while Morison Industries, Cornerstone Insurance and Wema Bank gained 9.09 per cent each, to close at 72 kobo, 60 kobo and 60 kobo.

On the other hand, Meyer Plc led the losers’ chart by 10 per cent to close at 45 kobo. Livestock Feeds followed with a decline of 9.87 per cent to close at N2.01 kobo while SCOA Nigeria depreciated by 9.85 per cent to close at N2.38 kobo.
Ikeja Hotel lost 9.48 per cent to close at N1.05 while NEM Insurance shed 6.88 per cent to close at N1.76 kobo.

The total volume of trades declined by 49.38 per cent to 297.27 million units, valued at N3.154 billion and exchanged in 4,655 deals.

Transactions in the shares of Zenith Bank topped the activity chart with 66.496 million units valued at N1.670 billion. FBN Holdings (FBNH) followed with 23.478 million shares worth N169.455 million while AXA Mansard Insurance traded 21.365 million shares valued at N20.918 million.

Guinea Insurance traded 20.185 million shares valued at N4.037 million, while United Capital transacted 13.596 million shares worth N64.134 million.