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Bargain hunting in medium, high-cap stocks buoys indices by N52b

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[FILES] Nigerian Stock Exchange (NSE)

Bargain hunting in some medium and highly capitalised stocks, aided the bulls to upstage the bears at the end of yesterday’s transactions on the Nigerian Stock Exchange (NSE), causing market capitalisation to rise by N52 billion.

Yesterday, the All-Share Index (ASI) rose by 105.95 points or 0.39 per cent to 27,153.53 points, as investors wealth gained N52 billion and market capitalisation went up to N13.21 trillion.

The upturn gained momentum by the margins recorded in medium and large capitalised stocks, among which were Nestle Nigeria, Seplat Petroleum Development Company, Cement Company of Northern Nigeria (CCNN), May and Baker Nigeria and FCMB Group.

Analysts at Afrinvest Limited said: “Despite the positive performance of the benchmark index, we expect market performance to be bearish in subsequent sessions in the absence of any market catalyst. Nevertheless, we do not rule out the possibility of bargain hunting activities.”

Market breadth closed positive as 19 stocks recorded gains relative to 13 losers. May and Baker Nigeria recorded the highest price gain of 10 per cent, to close at N2.09, per share.

Union Diagnostic & Clinical Services followed with a gain 8.70 per cent to close at 25 kobo, while UACN Property Development Company appreciated by 5.93 per cent to close at N1.25, per share.

FCMB Group went up by 5.81 per cent to close at N1.64, while Seplat appreciated by 5.63 per cent to close at N450 per share.

On the other hand, Chams and Livestock Feeds led the losers’ chart by 7.69 per cent each, to close at 24 kobo and 39 kobo, respectively, while Linkage Assurance followed with a decline of 5.77 per cent to close at 49 kobo, per share.

Aiico Insurance lost 4.69 per cent to close at 61 kobo, while AXA Mansard Insurance shed 2.78 per cent to close at N1.75, per share.
However, total volume traded fell by 41.9 per cent to 211.52 million shares, worth N1.45 billion, and traded in 4,365 deals.

Transactions in the shares of Courteville Business Solutions topped the activity chart with 35.20 million shares valued at N7.74 million.

Sterling Bank followed with 34.69 million shares worth N78.09 billion, while Access Bank traded 29.95 million shares valued at N208.42 million.

Transnational Corporation of Nigeria (Transcorp) traded 15.85 million shares valued at N16.05 million, while United Bank for Africa (UBA) transacted 12.47 million shares worth N77.46 million.


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