Bargain hunting lifts NSE’s index by 0.06%

Following bargain-hunting in some blue-chips, especially Airtel Africa and Sunu Assurance, the domestic equities market closed positive for the first time in the week, as the All-Share Index rose 0.06 per cent.

At the close of transactions yesterday at the Nigerian Stock Exchange (NSE), the ASI increased by 15.67 absolute points or 0.06 per cent growth to close at 24,130.26 points.

Similarly, the overall market capitalisation gained N8 billion, an increase of 0.07 per cent to close at N12.588 trillion as a result of the listing of Tranzact International Plc Rights Issue of 4.67 billion Ordinary Shares of 50 Kobo each at N1.50 per share on the basis of 10 new ordinary shares for every nine ordinary shares.

The upturn was impacted by gains recorded in large and medium value stocks, including Airtel Africa, Dangote Sugar Refinery, Guaranty Trust Bank, Cutix Plc, and Access Bank.

Analysts at Afrinvest Limited stated: “We maintain our outlook of a mixed performance for the week.”

Also APT Securities and Funds Limited, said: “We retain our opinion on a bearish outlook. We therefore advise for a mid to long term positioning as Market fundamentals suggest there’s further room for stocks to decline in the short-term.”

However, market breadth remained negative, with 11 gainers versus 15 losers. Sunu Assurances Nigeria recorded the highest price gain of 10 per cent to close at 22 kobo, per share.

Cutix followed with 7.69 per cent to close at N1.82, while Dangote Sugar Refinery rose by 5.17 per cent to close at N12.20, per share.

Mutual Benefits Assurance garnered 4.76 per cent to close at 22 kobo, and Airtel Africa appreciated by 3.44 per cent to close at N340.00, per share.

On the other hand, Julius Berger led the losers’ chart by 9.88 per cent to close at N15.50, per share. Nigerian Breweries followed with 9.84 per cent to close at N30.70, and Linkage Assurance lost 9.80 per cent to close at 46 kobo, per share.

Wapic Insurance slipped 9.09 per cent to close at 30 kobo, while Caverton Offshore Support Group shed 6.15 per cent to close at N1.83, per share.

The total volume of trade was flat at 208.210 million units valued at N1.762 billion, exchanged in 3,648 deals. Transactions in the shares of Sterling Bank topped the activity chart with 77.189 million shares worth N95.713 million.

United Bank for Africa (UBA) followed with 19.823 million shares at N119.991 million, while Zenith Bank traded 15.953 million shares worth N247.898 million.

FBN Holdings (FBNH) traded 12.856 million shares valued at N64.971 million, while FCMB Groups transacted 9.344 million shares worth N17.739 million.