Bellwethers push NSE’s index further by N67b
Following price gains in bellwether stocks, the Nigerian equities market sustained a rising profile yesterday, and closed on a positive note, causing investors wealth to appreciate further by N67 billion.
At the close of transactions Wednesday, the All-Share Index (ASI) increased by 128.12 absolute points or 0.50 per cent to close at 25,783.02 points.
Similarly, the Nigerian Stock Exchange (NSE) market capitalisation gained N67 billion to close at N13.475 trillion.
The upturn was impacted by gains recorded in large capital stocks, amongst which are; SEPLAT Petroleum Development Company (SEPLAT), Nigerian Breweries, MTN Nigeria Communications (MTNN), Mobil Nigeria, and Flour Mills of Nigeria.
On market impact, analysts at Cordros Capital Limited, said: “The fixed income market is likely to see a downward adjustment in yields as a consequence, making the equities market even more attractive and worth a second look.”
Also, analysts at Afrinvest Limited, said: “We expect bargain hunting to continue to drive positive performance in the market.”
Market sentiment, as measured by the market breadth, closed positive, as 21 stocks gained, relative to 14 losers.
International Breweries, and Prestige Assurance recorded the highest price gain of 10 per cent each, to close at N3.60, and 60 kobo respectively, while Cornerstone Insurance followed with 8.33 per cent to close at 65 kobo, per share.
UACN Property Development Company rose 5.26 per cent to close at N1.00, while SEPLAT advanced 3.90 per cent to close at N400.00, per share.
On the other hand, UACN Property Development Company led the losers’ chart by 9.09 per cent to close at 30 kobo, per share. Royal Exchange followed with 6.90 per cent fall to close at 27 kobo, and Eterna lost 6.72 per cent to close at N2.50, per share.
NPF Micro Finance Bank shed 6.15 per cent to close at N1.22, while AIICO Insurance fell 3.37 per cent to close at 86 kobo, per share.
The total volume traded increased by 58.05 per cent to 414.161 million shares worth N6.280 billion, traded in 3,793 deals.