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Bellwethers pushes stock market index by 0.02%

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The Nigerian equities market recorded marginal appreciation yesterday, occasioned by gains in some blue chip stocks, as index increased 0.02 per cent.

Specifically, at the close of transactions, Wednesday, the All Share Index (ASI) gained 5.29 absolute points, representing a growth of 0.02 per cent to close at 26,665.73 points.

Similarly, the market capitalisation gained N2billion to close at N12.868trillion.

The upturn was largely boosted by capital appreciation recorded in the shares of some medium and large capitalised stocks; Stanbic IBTC Holdings, Cadbury Nigeria, Okomu Oil, Union Bank of Nigeria (UBN), and PZ Cussons Nigeria.

Analysts at Afrinvest Limited predicted a mixed performance in the equities market in the near term, as investor sentiment remains sour.  

However, market breadth closed slightly negative, 17 stocks posted gains while 18 stocks declined. Ikeja Hotel recorded the highest price gain of 9.80 per cent to close at N1.12 per share. Chams followed with 9.09 per cent to close at 36 kobo, while Cadbury Nigeria edged 7.58 per cent to close at N10.65, per share.

Royal Exchange rose 7.41 per cent to close at 29 kobo, and Union Bank 4.62 per cent to close at N6.80, per share.

On the other hand, UACN Property Development Company led the losers’ chart with 10 per cent to close at 90 kobo per share. UPDC Real Estate Investment Trust (UPDCREIT) followed with 9.88 per cent to close at N3.65, while Arbico Plc fell 9.77 to close at N3.51, per share. 

Cornerstone Insurance lost 8.93 per cent to close at 51 kobo, and Wema Bank shed 5.41 per cent to close at 70 kobo, per share.

Also, total volume traded declined by 29.90 per cent to 232.68 million shares worth N3.19 billion, traded in 2,831 deals. Transactions in the shares of Access Bank topped the activity chart with 64.2 million shares valued at N636.03 million. Zenith Bank followed with 31.01 million shares worth N577.41 million, and Guaranty Trust Bank traded 26.58 million shares at N786.01 million.

FBN Holdings traded 15.21 million shares valued at N95.24 million, while African Alliance Insurance transacted 10 million shares worth N2.00 million.


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