The Nigerian equities market, yesterday, sustained its bullish momentum closing higher for the third consecutive session as sustained interest in Beta Glass Plc and 25 others pushed the overall capitalisation up by N204 billion.
The all-share index rose by 321.59 per cent, representing a gain of 0.23 per cent, to close at 141,761.36 points. The market capitalisation value gained N204 billion to close at N 89.697 trillion.
The market positive performance was driven by price appreciation in large and medium capitalised stocks which are Beta Glass, Cadbury Nigeria, Oando, Guaranty Trust Holding Company (GTCO) and Dangote Sugar Refinery.
On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said: “We remain wary of sell-side pressure re-emerging, given this week’s sharp decline in turnover.
“Near-term rate increases in the secondary market could also prompt rotation out of equities into fixed income, especially while prices stay range-bound and offer only marginal upside.”
Afrinvest Limited said: “We expect the local boarse to take a breather from its bullish momentum as investors take profit.”
Market sentiment was subdued, as reflected by a negative breadth, with 26 stocks advancing against 33 decliners. NCR Nigeria recorded the highest price gain of 10 per cent to close at N11.55.kobo. Berger Paints followed with a gain of 9.06 per cent to close at N34.90, while Beta Glass rose by 8.16 per cent to close at N486.
Cadbury Nigeria appreciated by 8.04 per cent to close at N62.50, while Sovereign Trust Insurance also rose by 7.55 per cent to close at N2.85 kobo.
On the other hand, Legend Internet led the losers’ chart by 10 per cent to close at N5.40, per share. Secure Electronic Technology followed with a decline of 9.26 per cent to close at 98 kobo, while Cutix declined by 8.97 per cent to close at N3.55 kobo.
UACN shed 8.69 per cent to close at N73, while Deap Capital Management & Trust lost 8.29 per cent to close at N1.66 kobo.
The total volume of trade increased by 2.33 per cent to 605.02 million units, valued at N12.896 billion, and exchanged in 28,845 deals.
Transactions in the shares of FCMB Group topped the activity chart with 89.3 million shares valued at N980.8 million.
Veritas Kapital Assurance followed with 68.49 million shares worth N154.196 million, while AIICO Insurance traded 36.15 million shares valued at N152.489 million.
Secure Electronic Technology traded 27.3 million shares valued at N27.06 million, while Mutual Benefits Assurance transacted 23.51 million shares worth N104.95 million.
