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Bellwethers lift stock market indices further by N58 billion

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Gains recorded by some high value stocks buoyed transactions on the equities sector of the Nigerian Stock Exchange (NSE), yesterday, causing investors’ wealth to appreciate further by N58billion.

Specifically, at the close of trading Tuesday, the All Share Index (ASI) increased by 111.59 absolute points, representing a decline of 0.49 per cent to close at 22,727.87 points. Similarly, the market capitalisation rose by N58billion to close at N11.845trillion.

The uptrend was impacted by gains recorded in large and medium capitalised stocks, amongst which were; Nestle Nigeria, Guaranty Trust Bank, Zenith Bank, Dangote Sugar Refinery and FCMB Group.

Analysts at Afrinvest Limited, said: “We expect investors to continue to take position in fundamentally sound stocks in the near term.”
Market breadth closed positive, with 18 gainers versus 10 losers. Cornerstone Insurance recorded the highest price gain of 9.26 per cent, to close at 59 kobo per share.

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Lasaco Assurance followed with 7.69 per cent to close at 28 kobo, while FCMB Group rose 6.25 per cent to close at N1.70, per share.

Guaranty Trust Bank edged five per cent to close at N21.00, and Zenith Bank appreciated by 4.58 per cent to close at N14.85 per share.
On the other hand, Wapic Insurance led the losers’ chart by 7.41 per cent to close at 25 kobo per share.

Africa Prudential followed with 5.95 per cent fall to close at N3.48, and Caverton Offshore Support Group lost 4.86 per cent to close at N2.35, per share.

Unilever Nigeria lost 4.55 per cent to close at N10.50, while International Breweries shed 4.17 per cent each to close at N4.60, per share.
The total volume traded rose by 151.4 per cent to 266.628 million shares worth N2.753 billion, traded in 4,259 deals.

Transactions in the shares of United Bank for Africa (UBA) topped the activity chart with 48.830 million shares valued at N290.171million. FBN Holdings followed with 39.122 million shares worth N172.737million, while Access Bank traded 34.050 million shares at N213.750million.

Zenith Bank traded 27.047 million shares valued at N395.090million, while FCMB Group transacted 23.692 million shares worth N38.176million.

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