Bulls gain stronger grip as market indices rise further

Transactions on the equities sector of the Nigerian Stock Exchange (NSE), sustained rising profile yesterday, as more bellwethers appreciated in price, resulting to a further rise in the All-share index by 1.01 per cent.
   
Specifically, at the close of transactions, the All-Share Index (ASI) rose by 276.72 points or 1.01 per cent to 27,629.66 points. Accordingly, investors gained N135 billion in value as market capitalisation rose to N13.442 trillion.
   
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were; Nestle Nigeria, MTN Nigeria, Dangote Cement, Stanbic IBTC Holdings, and Ecobank Transnational Incorporated (ETI).
 
Analysts at United Capital Plc said: “Notably, market participants took the crystallisation of the swearing-in with some positivity, perhaps with the expectation that hastened fiscal policies and implementation of plans might revive the Nation’s lacklustre growth.” 
     
Market breadth also closed positive as 22 stocks posted gains while 13 stocks declined. Eterna recorded the highest price gain of 10 per cent to close at N2.75, per share.  ETI followed with a gain 9.49 per cent to close at N7.50, and Wapic Insurance 8.82 per cent to close at 37 kobo, per share.
   
Jaiz Bank rose 5.41 per cent to close at 39 kobo, while Honeywell Flour Mills gained 4.90 per cent to close at N1.07, per share. On the other hand, NCR Nigeria and University Press led the losers’ chart with 10 per cent each, to close at N4.95 and N1.44, respectively, followed by MRS Oil Nigeria with 9.83 per cent to close at N18.80,  per share. 
   
Okomu Oil lost 9.78 per cent to close at N40.15, while FCMB Groups shed 5.88 per cent to close at N1.60, per share.Again, total volume traded rose by 73.6 per cent to 272.60 million shares worth N4.5 billion, traded in 3,425 deals.
   
Transactions in the shares of Zenith Bank topped the activity chart with 54.31 million shares valued at N977.54 million. Guaranty Trust Bank followed with 38.21 million shares worth N1.03 billion, while Transnational Corporation of Nigeria (Transcorp) traded 32.1 million shares at N34.06 billion.Flour Mills Nigeria traded 20.42 million shares valued at N275.68 million, while ETI transacted 18.21 million shares worth N135.01 million.