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Renewed bargain-hunting lifts stock market index by N2b

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Trading on the equities sector of the Nigerian Stock Exchange (NSE), closed upbeat yesterday, occasioned by renewed bargain-hunting in some blue chip stocks, causing market capitalisation to appreciate by N2 billion.
 
Yesterday, the All Share Index (ASI) appreciated by 3.82 absolute points, a 0.02 per cent growth to close at 25,136.49 points. Similarly, the market capitalisation rose by N2 billion to close at N13.113 trillion.
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The uptrend was impacted by gains recorded in large and medium capital stocks, amongst which were; Dangote Sugar Refinery, Flour Mills of Nigeria, United Bank for Africa (UBA), University Press, and Guinness Nigeria.
 
Analysts at Afrinvest Limited said: “We expect bargain hunting in the subsequent trading day to support gains in the local bourse.”

Market breadth closed positive, with 16 gainers versus 13 losers.   
 
University Press recorded the highest price gain of 9.91 per cent to close at N1.22 per share.
 
Cornerstone Insurance followed with 9.43 per cent gain to close at 58 kobo, and Lasaco Assurance advanced 7.14 per cent to close at 30 kobo, per share.
 

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United Capital garnered 3.23 per cent to close at N3.20, while Sterling Bank appreciated by 2.61 per cent to close at N1.18, per share.

On the other hand, Conoil led the losers’ chart by 9.76 per cent to close at N15.25 p share.
 
Ardova Plc and Oando followed with 9.68 per cent fall each, to close at N12.60 and N2.24, per share, respectively.

Fidson healthcare lost 5.25 per cent to close at N3.79, and Japaul Oil and Maritime Services shed 4.76 per cent each to close at 20 kobo, per share.
   
Also, the total volume traded rose by 68.08 per cent to 271.002 million shares worth N2.461 billion, traded in 3,693 deals. Transactions in the shares of Zenith Bank topped the activity chart with 35.836 million shares valued at N600.203 million.
 
Guaranty Trust Bank followed with 35.287 million shares worth N877.021 million, while Lasaco Assurance traded 33.066 million shares valued at N9.892 million.
 
Access Bank traded 23.737 million shares at N152.054 million, while Transnational Corporation of Nigeria (Transcorp) transacted 15.507 million shares worth N9.426 million.  

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