Bulls increase traction as market index rise further by N40 billion
Transactions on the equity sector of the Nigerian Stock Exchange (NSE), sustained a rising profile yesterday, as more blue-chip stocks appreciated in price, resulting in a further increase in market capitalisation by N40 billion.
Specifically, at the close of transactions Tuesday, the All -Share Index (ASI), added 75.82 absolute points, a 0.31 per cent rise to close at 24,841.94 points. Similarly, investors gained N40 billion as market capitalisation increased to N13.959 trillion.
The upturn was impacted by gains recorded in medium and large value stocks, including Seplat, Nigerian Breweries, Flour Mills of Nigeria, Zenith Bank, and UAC of Nigeria (UACN).
Capital market analysts noted that the current undervalued state of the market offers opportunities to position for the short, medium and long-term, which is why investors should target fundamentally sound, and dividend-paying stocks for possible capital appreciation going forward.
Analysts at Afrinvest Limited expect market performance for the week to be majorly dictated by the trend in earnings releases.
Market sentiment, as measured by market breadth, closed positive with 23 stocks gained, relative to 10 losers. AXA Mansard Insurance recorded the highest price gain of 9.72 per cent to close at N1.58 per share.
UACN followed with 8.73 per cent to close at N6.85, while Jaiz Bank appreciated by 7.27 per cent to close at 59 kobo, per share.NPF Microfinance Bank advanced 5.88 per cent to close at N1.26, and Mutual Benefits Assurance rose 4.76 per cent, to close at 22 kobo, per share.
On the other hand, Chemical and Allied Products (CAP) led the losers’ chart by 9.94 per cent to close at N15.40 per share. Total Nigeria followed with 9.91 per cent to close at N79.10, while Ardova Plc lost 9.67 per cent to close at N12.15, per share. Unilever Nigeria shed 8.57 per cent to close at N11.20, while GlaxoSmithKline Consumer Nigeria fell 8.49 per cent to close at N4.85, per share.
However, the total volume traded slipped by 17.17 per cent to 154.467 million shares worth N1.458 billion, traded in 4,222 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 13.544 million shares valued at N8.079 million.
FBN Holdings (FBNH) followed with 11.715 million shares worth N59.184 million, and Lafarge Africa traded 8.958 million shares valued at N105.262 million.
Nigerian Breweries traded 8.872 million shares at N283.321 million, while Custodian Investment transacted 8.640 million shares worth N43.346 million.
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