CCNN, Ikeja Hotel lead stock market 0.6% gain
Bargain-hunting in some blue chip stocks especially Cement Company of Northern Nigeria (CCNN), and Ikeja Hotel Plc, lifted the Nigerian Stock Exchange (NSE) All-share index further by 0.6%.
Specifically, at the close of trading yesterday, the All-share Index (ASI), rose by 172.74 absolute points, representing an increase of 0.58 per cent to close at 30,137.53 points.
Similarly, the market capitalisation increased by N65 billion, closing at N11.239 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; CCNN, Stanbic IBTC Holdings, C&I Leasing,
Dangote Sugar, and Oando.
Analysts at APT Securities and Funds Limited said: “We expect the renewed interest to moderate in the next trading session.”
But analyst at Cordros Capital stated: “We reiterate our negative outlook for the equities market in the short to medium term, amidst political concerns ahead of the 2019 elections, and the absence of a positive market trigger. However, positive macro-economic fundamentals remain supportive of recovery in the long term.”
Market breadth closed positive, recorded 21 gainers against 13 losers. CCNN recorded the highest price gain of 10 per cent, to close at N22 per share.
Ikeja Hotel followed with a gain of 9.35 per cent to close at N1.52, while Royal Exchange rose 9.09 per cent to close at 24 kobo per share.
C&I Leasing appreciated by 9.05 per cent to close at N9.04, while NEM Insurance up by 8.67 per cent to close at N1.88 per share.
On the other hand, Newrest ASL Nigeria led the losers’ chart by 9.49 per cent, to close at 75 kobo per share.
Veritas Kapital Assurance followed with a decline of 9.09 per cent to close at 20 kobo, while Neimeth International Pharmaceuticals lost 8.57 per cent to close at 64 kobo per share.
First Aluminium shed 8.33 per cent to close at 33 kobo, while Associated Bus Company fell by 6.90 per cent, to close at 27 kobo per share. Total volume of trade increased by 126.60 per cent to 300.03 million units, valued at N3.25 billion and exchanged in 3,760 deals.
Transactions in the shares of Diamond Bank topped the activity chart with 100.67 million shares valued at N209.01 million.
Guaranty Trust Bank followed with 39.41 million shares worth N1.32 billion, while United Bank for Africa (UBA) traded 26.15 million shares valued at N191.33 million.
FBN Holdings traded 23.36 million shares valued at N171.86 million, while Zenith Bank transacted 21.13 million shares worth N462.99 million.