Bargain hunting lifts stock market index by 1.70 per cent
Following bargain hunting in most blue-chip companies, the Nigerian equities market yesterday halted seven consecutive days of downturn, as the index soared by 1.70 percent.
Specifically, at the close of trading yesterday, the All-Share Index (ASI) increased by 438.54 absolute points, representing a growth of 1.70 percent to close at 26,255.11 points. Similarly, the overall market capitalisation size gained N232 billion to close at N13.681 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Nestle Nigeria, MTN Nigeria, Guaranty Trust Bank, Zenith Bank and Access Bank.
Analysts at Afrinvest Limited expected continued bargain hunting in the near term, given relative attractiveness of the local bourse.Market breadth closed positive as 23 stocks posted gains while 12 stocks posted declines. PZ Cussons Nigeria recorded the highest price gain of 9.88 percent, to close at N4.45, per share.
Skyway Aviation Handling Company followed with a gain 9.86 percent to close at N2.34, while Access Bank appreciated by 9.74 per cent to close at N8.45, per share.
FBN Holdings went up by 9.57 percent to close at N5.15, while UAC of Nigeria (UACN) appreciated by 9.46 per cent, to close at N8.10, per share.On the other hand, Associated Bus Company led the losers’ chart by 10 per cent, to close at 27 kobo, per share. Dangote Sugar Refinery followed with a decline of 9.92 per cent to close at N10.90, while Okomu Oil went down by 9.71 to close at N61.40, per share.
Royal Exchange lost 9.09 per cent to close at 20 kobo, while AXA Mansard Insurance shed 8.93 per cent to close at N1.53, per share. Also, the total volume traded increased by 19.26 per cent to 387.895 million shares, worth N5.076 billion, and traded in 4,901 deals.
Transactions in the shares of Guaranty Trust Bank topped the activity chart with 83.125 million shares valued at N2.014 billion. Zenith Bank followed with 54.55 million shares worth N1.049 billion, while United Bank for Africa (UBA) traded 37.82 million shares valued at N261.367 million.FBN Holdings traded 32.19 million shares valued at N163.43 million, while Access Bank transacted 31.064 million shares worth N256.176 million.
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