Bulls back as gains in NASCON, 23 stocks lift indices

The bulls resurfaced on the equities sector of the Nigerian Exchange Limited (NGX), yesterday, as gains in NASCON Allied Industries Plc and 23 stocks lifted total capitalisation by N141 billion.

At the closed of transactions, the all-share index (ASI) gained 87.91 points, representing a gain of 0.13 per cent to close at 66,570.19 points. Also, market capitalisation rose by N141 billion to close at N36.527 trillion.

The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; NASCON Allied Industries, Vitafoam Nigeria, Julius Berger, Dangote Sugar Refinery and GlaxoSmithKline Consumer Nigeria.

Analysts at Afrinvest said: “Investors sentiments, as measured by market breadth, weakened to 0.07x from 0.13x in the prior session as 24 stocks advanced, 19 decliners while 69 closed flat. Tomorrow we expect bourse to sustain the positive posture due to bargain opportunities.”

Market breadth closed positive as 24 stocks advanced relative to 19 decliners. Wema Bank emerged the highest price gainer of 9.93 per cent to close at N4.65, while Thomas Wyatt Nigeria followed with a gain of 9.74 per cent to close at N2.14 kobo.

Regency Alliance Insurance advanced by 8.82 per cent to close at 37 kobo, while Royal Exchange and DAAR Communications rose by 8.70 per cent each to close at 50 kobo and 25 kobo respectively.

On the other side, Champion Breweries led others on the losers’ chart with 9.87 per cent to close at N3.38 kobo. Chellarams followed with a decline of 9.84 per cent to close at N3.48, while Associated Bus Company shed 9.72 per cent to close at 65 kobo.

UACN Property Development Company (UPDC) went down by 8.57 per cent to close at N1.28, while McNichols depreciated by 7.69 per cent to close at 60 kobo.

The total volume of trade increased by 54.27 per cent to 1.014 billion units, valued at N4.733 billion, and exchanged in 6,959 deals.

Transactions in the shares of Neimeth International Pharmaceuticals led the activity with 657.095 million shares worth N985.650 million. Oando followed with account of 75.146 million shares valued at N771.244 million, while Universal Insurance traded 47.225 million shares valued at N11.203 million.

Fidelity Bank traded 35.143 million shares worth N288.092 million, while Sterling Financial Holdings Company traded 24.430 million shares worth N87.370 million.