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Bargain hunting in high cap stocks push index up 0.36%



Renewed bargain hunting in some high-value stocks yesterday pushed the All-Share Index by 0.36 per cent. Specifically, at the close of transactions Tuesday, the All Share Index (ASI) rose by 99.71 points or 0.36 per cent to 27,871.90 points.
Accordingly, investors gained N52 billion in value as market capitalisation rose to N14.516 trillion.
The upturn was impacted by gains recorded in medium and large value stocks, amongst which were; MTN Nigeria, UAC of Nigeria (UACN), Lafarge Africa, Cadbury Nigeria, and Zenith Bank.
Analysts at Afrinvest Limited said: “Despite today’s positive performance, we maintain a bearish outlook on the market due to waning investor sentiment.”
However, market breadth remained negative as 13 stocks recorded gains relative to 17 losers. UACN recorded the highest price gain of 9.41 per cent to close at N9.30 per share. 

Japaul Oil & Maritime Services followed with 8.33 per cent to close at 26 kobo, and Cadbury Nigeria appreciated 4.44 per cent to close at N9.40, per share.

MTN Nigeria rose 4.35 per cent to close at N120.00, while Aiico Insurance edged 3.66 per cent to close at 85 kobo, per share.
On the other hand, Skyway Aviation Handling Company led the losers’ chart by 9.89 per cent to close at N3.37 per share.
Caverton Offshore Support Group followed with 9.86 per cent to close at N2.65, and MRS Oil Nigeria shed 9.80 per cent to close at N13.80, per share.


Sovereign Trust Insurance lost 9.09 per cent to close at 20 kobo, while Linkage Assurance shed 8.93 per cent to close at 51 kobo, per share.
Total volume traded increased by 38 per cent to 276.268 million shares worth N3.71 billion, traded in 3,690 deals.
Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 49.47 million shares valued at N381.67 million.

Guaranty Trust Bank followed with 41.43 million shares worth N1.20 billion, while Zenith Bank traded 30.24 million shares at N604.76 million.
Japaul Oil & Maritime Services traded 29.62 million shares valued at N7.69 million, while Ecobank Transnational Incorporated (ETI) transacted 27.74 million shares worth N192.81 million.


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