Bargain-hunting strengthens as indices appreciates further by N110b

The bulls strengthen their hold on the equities sector of the Nigerian Stock Exchange (NSE) for nine successive trading days even as more high value stocks joined the league of gainers, causing the All-share index to appreciate further by N110 billion.

The All Share Index (ASI) rose by 210.88 points or 0.87 per cent to 24,354.25 points. Accordingly, investors gained N110billion in value as market capitalisation rose to N12.692trillion.

The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were; Nestle Nigeria, Dangote Cement, Nigerian Breweries, Conoil, and Ardova Plc.

The Chief Operating Officer, InvestData Consulting Limited, Ambrose Omordion, said the high dividend yield continues to attract buying interests as more audited corporate earnings hit the market.

He added that investors and traders are positioning amidst the changing sentiments in the hope of improved liquidity and positive economic indices.

“We see investors focusing on the upcoming full-year earnings season, targeting companies with strong potential to grow their dividend on the strength of their earnings capacity.”

Market breadth closed positive as 21 stocks recorded gains relative to 20 losers. Royal Exchange recorded the highest price gain of 10 per cent to close at 22 kobo per share.

University Press followed with a gain 9.80 per cent to close at N1.12, while Conoil rose 9.77 per cent to close at N19.10, per share.
Ardova Plc edged 9.68 per cent to close at N15.30 per share.

Consolidated Hallmark Insurance gained 9.09 per cent to close at 36 kobo per share.

On the other hand, Linkage Assurance led the losers’ chart by 8.33 per cent to close at 44 kobo per share. Red Star Express followed with five per cent fall to close at N2.85 per share.

Africa Prudential declined by 4.63 per cent to close at N3.71 per share. Sterling Bank dipped 4.55 per cent to close at N1.26, and Fidson Healthcare shed 4.17 per cent to close at N2.30, per share.

Total volume traded increased by 1.1 per cent to 431.582 million shares worth N5.261 billion, traded in 5,860 deals. Transactions in the shares of FBN Holdings topped the activity chart with 115.568 million shares valued at N543.063million.

Zenith Bank followed with 75.9 million shares worth N1.140billion, while Guaranty Trust Bank traded 54.876 million shares at N1.222billion.

Ecobank Transnational Incorporated (ETI) traded 39.609 million shares valued at N197.334million, while Mutual Benefits Assurance transacted 30.965 million shares worth N6.434 billion.