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Bulls maintain dominance as capitalisation rises by N45 billion

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Nigerian Stock Exchange

The bulls maintained dominance on the equity sector of the Nigerian Stock Exchange (NSE) as more blue-chip stocks appreciated, resulting in a gain in market capitalisation by N45 billion.

The All-Share Index (ASI) appreciated by 207.36 absolute points, representing an increase of 0.53 per cent to close at 39,293.14 points. Also, market capitalisation gained N45 billion to close at N20.558 trillion.

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The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; Stanbic IBTC Holdings, MTN Nigeria Communications (MTNN), GlaxoSmithKline Consumer Nigeria, UPDC Real Estate Investment Trust and Lafarge Africa.

Analysts at Vetiva Dealing & Brokerage said: “We expect the week to close out similarly, as investors continue to chase after bargains while keeping an eye on corporate releases and dividend announcements.

“We do not rule out the possibility of profit-taking, which could swing the market into negative territory, but we expect sentiment to remain positively skewed.”

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Market sentiment was positive, as 23 stocks appreciated while 14 constituted the losers. Wapic Insurance recorded the highest price gain of 10 per cent to close at 55 kobo. UPDC Real Estate Investment Trust followed with a gain of 9.80 per cent to close at N5.60, while Pharma-Deko Plc rose by 9.63 per cent to close at N1.48 kobo.

Neimeth International Pharmaceuticals rose by 9.55 per cent to close at N1.95 kobo while GlaxoSmithKline Consumer Nigeria appreciated by 9.45 per cent to close at N6.95 kobo.

On the other hand, Sovereign Trust Insurance led the losers’ chart by 9.61 per cent, to close at 22 kobo, per share. NPF Microfinance Bank followed with a decline of 7.22 per cent to close at N1.80, while Prestige Assurance shed 6.82 per cent to close at 41 kobo.

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Japaul Gold and Ventures shed 4.44 per cent to close at 43 kobo, while Dangote Sugar Refinery depreciated by 2.67 per cent to close at N16.40 kobo..

However, the total volume traded declined by 36.61 per cent to 229.417 million units, valued at N3.781 billion, and exchanged in 4,016 deals.

Transactions in the shares of Union Bank of Nigeria (UBN) topped the activity chart with 79.567 million shares valued at N421.70 million. Guaranty Trust Bank followed with 19.276 million shares worth N598.972 million, while Zenith Bank traded 12.085 million shares valued at N265.897 million.

MTNN traded 10.072 million shares valued at N1.613 billion, while Oando transacted 9.512 million shares worth N31.283 million.

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