Bulls sustain dominance at NSE as indices rises further by N46 billion
The bulls maintained dominance at the end of transactions yesterday, on the equities sector of the Nigerian Stock Exchange (NSE), as market capitalisation appreciated further by N46 billion.
The All Share Index (ASI) rose by 95.94 points or 0.36 per cent to 26,872.09 points. Accordingly, investors gained N46 billion in value, as market capitalisation rose to N12.970 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which were; Flour Mills of Nigeria, Stanbic IBTC Holdings, MTN Nigeria, Dangote Cement, and Dangote Sugar Refinery.
Analysts expressed optimism that the equities market would sustain the gains in the near term, but, noted that sentiment still remains weak.
For instance, analysts at United Capital Plc, said: “Looking ahead, we still expect investors to position in value and dividend paying stocks, in expectation of making solid gains.”
Market breadth closed positive as 21 stocks posted gains while 12 declined. Cornerstone Insurance recorded the highest price gain of 10 per cent to close at 77 kobo per share.
Oando followed with 9.89 per cent to close at N3.89, and Flour Mills gained 9.85 per cent to close at N17.85, per share. Ikeja Hotel edged 9.62 per cent to close at N1.14 per share.
FCMB Group appreciated by 7.39 per cent to close at N2.18 per share.
On the other hand, Cement Company of Northern Nigeria (CCNN), led the losers’ chart with 10 per cent to close at N18 per share.
Jaiz Bank followed with eight per cent to close at 69 kobo, and Lasaco Assurance 7.41 per cent to close at 25 kobo, per share.
Unilever Nigeria lost 5.68 per cent to close at N17.45, while Unity Bank for Africa shed 1.94 per cent to close at N7.60, per share.
However, the total volume traded dropped by 10.5 per cent to 239.22 million shares, worth N2.28 billion, traded in 3,585 deals.
Transactions in the shares of FBN Holdings topped the activity chart with 74.03 million shares valued at N558.42 million. Transnational Corporation of Nigeria (Transcorp) followed with 19.19 million shares worth N19.57 million.
Zenith Bank traded 18.31 million shares valued at N342.45 million.
Guaranty Trust Bank traded 17.23 million shares at N506.18 million, while UBA transacted 14.16 million shares worth N107.57 million.
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