Bellwethers lift stock indices further by N98 billion
Transactions on the equities sector of the Nigerian Stock Exchange (NSE), reopened upbeat yesterday, as more high capital stocks joined the league of gainers, resulting in a further rise in market capitalisation by N98 billion.
At the close of trading yesterday, the All-Share Index (ASI), rose 188.50 absolute points, or 0.72 per cent to close at 26,507.84 points. Similarly, the overall market capitalisation gained N98 billion to close at N13.853 trillion.
The upturn was impacted by gains recorded in large and medium value stocks, including Total Nigeria, MTN Nigeria Communications (MTNN), Okomu Oil, BUA Cement, and Lafarge Africa.
On the market performance, United Capital Plc, said: “Going forward, we expect to see the bullish sentiment sustained in the equities market on the back of elevated financial system liquidity as well as the continuously declining returns in the fixed income market and limited investment outlets. As such, we advise investors to take positions on high quality dividend paying stocks.
“This week, we expect to see some buying interest in the equity market, ahead of the third quarter (Q3), 2020 financials.”
Analysts at Afrinvest Limited, said: “We anticipate a sustained bullish momentum in the next trading session.”
Market sentiment, as measured by the market breadth, was positive, as 22 stocks gained relative to seven losers. Total Nigeria recorded the highest price gain of 10 per cent to close at N88.00 per share.
Champion Breweries followed with 9.888 per cent to close at 89 kobo, while Oando rose 9.85 per cent to close at N2.23, per share. AIICO Insurance advanced 9.72 per cent to close at 79 kobo, while Consolidated Hallmark Insurance appreciated by 8.82 per cent to close at 37 kobo, per share.
On the other hand, UACN Property Development Company led the losers’ chart by 10 per cent to close at 90 kobo per share. University Press followed with 6.34 per cent to close at N1.33 per share.
Caverton Offshore Support Group fell 5.98 per cent to close at N1.73 per share. May and Baker Nigeria lost 5.54 per cent to close at N2.90, and Wema Bank shed 3.64 per cent to close at 53 kobo, per share.
The total volume traded rose marginally by 0.32 per cent to 336.833 million shares, worth N4.029 billion, and traded in 4,602 deals. Transactions in the shares of Zenith Bank topped the activity chart with 89.512 million shares valued at N1.551 billion.
Sterling Bank followed with 72.257 million shares worth N85.301 million, while United Bank for Africa (UBA) traded 42.346 million shares valued at N258.982 million.
FCMB Group traded 27.850 million shares at N58.392 million, and Guaranty Trust Bank transacted 14.657 million shares worth N396.215 million.
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