Bargain hunting persists as gains in 16 stocks lift indices by N100b

Price gains in 16 stocks yesterday, sustained the bullish profile of the Nigerian Exchange Limited (NGX) as market capitalisation increased further by N100 billion.

The All-Share Index (ASI) grew by 184.42 absolute points, representing a growth of 0.35 per cent to close at 53,270.88 points. Similarly, the overall market capitalisation value gained N100 billion to close at N28.719 trillion.

The market upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; MTNN, UAC of Nigeria (UACN), GlaxoSmithKline Consumer Nigeria (Glaxosmith), Global Spectrum Energy Services and Nigerian Exchange Group (NGXGroup).

Analysts at GTI Securities Limited said, “The stock market closed positively, as bargain hunting was seen in all the major sectors. We expect cautious trading to continue.

“Investors continue to trade cautiously as seen in today’s activity level. In the absence of any major catalyst to spur activities, we are likely to witness another tepid session except we see block transactions in some specific stocks elevate activity level.”

As measured by market breadth, market sentiment was positive, as 16 stocks gained while 15 others depreciated in price. Global Spectrum Energy Services recorded the highest price gain of 10 per cent to close at N2.75 kobo. Jaiz Bank followed with a gain of 7.95 per cent to close at 95 kobo while Japaul Gold and Ventures went up by 6.67 per cent to close at 32 kobo.

Glaxosmith rose by 5.11 per cent to close at N7.20 kobo, while UACN gained 4.55 per cent to close at N11.50 kobo. Sterling Bank gained 2.67 per cent to close at N1.54 kobo and MTNNigeria added 2.35 per cent to close at N240.

United Capital gained 1.91 per cent to close at N13.35 kobo. Union Bank appreciated by 1.56 per cent to close at N6.50 kobo. Wema Bank garnered 1.23 per cent to close at N3.29 kobo.

NGXGroup added 1.01 per cent to close at N25. Dangote Sugar Refinery gained 94 per cent to close at N16.15 kobo. Lafarge WAPCO advanced by 74 per cent to close at N27.40 kobo. United Bank for Africa also gained 64 per cent to close at N7.85 kobo.

On the other hand, Cutix led the losers’ chart by 10 per cent to close at N2.61 kobo. Cadbury Nigeria followed with a decline of 5.93 per cent to close at N16.65 kobo while FTN Cocoa processors lost 5.56 per cent to close at 34 kobo.

Wapic Insurance lost 4.76 per cent to close at N7.20 kobo while Honeywell Flour Mill also shed 4.55 per cent to close at N3.15 kobo.

Meanwhile, the total volume of trades dipped by 68.95 per cent to 234.624 million units, valued at N2.745 billion, and exchanged in 4,232 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped the activity chart with 30.433 million shares valued at N37.213 million.

United Bank for Africa (UBA) followed with 25.801 million shares worth N201.338 million, while Chams traded 20.525 million shares valued at N4.929 million. NGXGroup traded 18.532 million shares valued at N459.962 million, while Fidelity Bank transacted 17.510 million shares worth N59.352 million.