Stock market looking bullish as capitalisation rises by N200bn
Following bargain hunting in most blue-chip stocks, the Nigerian equities market extended its gain yesterday, with capitalisation gaining N200 billion.
The All-Share Index (ASI) gained 381.78 absolute points, representing a gain of 1.10 per cent to close at 35,225.22 points. Similarly, the overall market capitalisation value also appreciated by N200 billion to close at N18.411 trillion.
The uptrend was driven by price appreciation in medium and large capitalised stocks – Dangote Cement, Lafarge Africa, Zenith Bank, Guaranty Trust Bank and Guinness Nigeria.
Analysts at Afrinvest Limited: “We believe current stock prices present attractive investment opportunities.”
Market sentiment, as measured by breadth, was positive, as 29 stocks gained, relative to 14 losers. Lasaco Assurance recorded the highest price gain of 10 per cent to close at 33 kobo. AXA Mansard Insurance followed with a gain of 9.38 per cent to close at 70 kobo while FTN Cocoa Processors rose by 8.33 per cent to close at 52 kobo.
Japaul Gold and Ventures (former Japaul Oil and Maritime Services) went up by eight per cent, to close at 27 kobo, while Lafarge Africa appreciated by 7.14 per cent to close at N22.50.
On the other hand, Grief Nigeria led the losers’ chart by 9.89 per cent, to close at N8.20 kobo. Red Star Express followed with a decline of 9.76 per cent to close at N3.05 while Unity Bank declined by 9.82 per cent to close at 62 kobo.
Omatek Ventures shed 8.33 per cent to close at 22 kobo while Jaiz Bank depreciated by 8.06 per cent to close at 57 kobo.
Also, the total volume traded rose by 27 per cent to 264.242 million shares, worth N2.947 billion, and traded in 4,354 deals. Transactions in the shares of Acess Bank topped the activity chart with 36.472 million shares valued at N295.340 million.
FBN Holdings followed with 33.830 million shares worth N236.635 million, while Zenith Bank traded 23.417 million shares valued at N538.621 million.
Dangote Sugar Refinery traded 23.031 million shares valued at N407.570 million while Jaiz Bank transacted 22.156 million shares worth N13.423 million.