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Bulls sustain dominance as index rises further by N4b


The bulls sustained their hold on the equities sector of the Nigerian Stock Exchange (NSE), as more blue-chip stocks appreciated at price, causing market capitalisation to increase further by N4 billion.
Yesterday, the All-Share Index (ASI) increased by 8.41 absolute points, representing a growth of 0.03 per cent to close at 30,741.88 points.   Similarly, investors gained N4 billion as market capitalisation advanced to N16.068 trillion.

The uptrend was impacted by gains recorded in large and medium value stocks, including Chemical and Allied Products (CAP), FCMB Group, Guaranty Trust Bank, Dangote Sugar Refinery, and Caverton Offshore Support Group.
Analysts at Afrinvest Limited, said: “We expect market sentiment to be dictated by the performance of the earnings results.”
Sentiment, as measured by market breadth, was positive as 12 stocks recorded gains relative to 11 losers. Consolidated Hallmark Insurance recorded the highest price gain of 8.82 per cent to close at 37 kobo per share.
Prestige Assurance followed with a 7.41 per cent gain to close at 58 kobo, while FCMB Group rose by 5.17 per cent to close at N3.05, per share.
Aiico Insurance rose 4.82 per cent to close at 87 kobo, and Japaul Oil and Maritime Services appreciated by 4.35 per cent to close at 24 kobo, per share.
On the other hand, Mutual Benefits Assurance led the losers’ chart by 4.76 per cent to close at 20 kobo per share. Wema Bank followed with 3.13 per cent to close at 62 kobo, while Julius Berger fell 2.57 per cent to close at N17.05, per share.
GlaxoSmithKline Consumer Nigeria slipped by 1.67 per cent to close at N5.90, and Honeywell Flour Mill shed 0.97 per cent to close at N1.02, per share.
Despite the rise in capitalisation, the total volume of trade fell by 14.77 per cent to 286.446 million units valued at N3.095 billion, exchanged in 2,889 deals.
Transactions in the shares of Access Bank topped the activity chart with 145.012 million shares valued at N1.167 billion. Zenith Bank followed with 21.865 million shares worth N477.847 million, while United Bank for Africa (UBA) traded 17.043 million shares at N130.011 million.
Mutual Benefits Assurance traded 13.035 million shares valued at N2.608 million, and Stanbic IBTC Holdings transacted 11.313 million shares worth N520.395 million.

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