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Fresh bargain hunting lifts stock market indices marginally by N3 billion

By Helen Oji
14 November 2018   |   4:13 am
Renewed bargain hunting on highly capitalized stocks triggered activities on the equity sector of the Nigerian Stock Exchange (NSE) yesterday...

Nigerian Stock Exchange

Renewed bargain hunting on highly capitalized stocks triggered activities on the equity sector of the Nigerian Stock Exchange (NSE) yesterday, as most blue-chip stocks appreciated in price, causing market capitalisation to increase marginally by N3 billion.

Yesterday, the NSE, All-Share Index (ASI) gained 9.49 absolute points, representing a growth of 0.03 per cent to close at 32,228.50 points. Similarly, market capitalisation rose by N3 billion to close at N11.738 trillion.

The upturn was significantly impacted by gains recorded in medium and large capitalised stocks, amongst which are; Lafarge Africa, GlaxoSmithKline Consumer Nigeria (Glaxosmith), Stanbic IBTC Holdings, Flour Mills Nigeria and Unilever Nigeria.

Analysts at Afrinvest Limited said: “despite yesterday’s positive performance, we retain our bearish market outlook over the near term as we do not see any potential drivers over the horizon.”

Codros Capital Limited said: “Our outlook for equities in the short to medium term remains conservative, amidst brewing political concerns, and the absence of a positive trigger. However, stable macroeconomic fundamentals remain supportive of recovery in the long term.”

Market breadth was negative, with 16 gainers versus 26 losers. Unity Bank recorded the highest price gain of 9.86 per cent, to close at 78 kobo per share. Glaxosmithkline followed with a gain of 9.55 per cent to close at N12.05, while Meyer gained by 9.09 per cent to close at 60 kobo per share.

Mutual Benefit Assurance went up by 8.70 per cent to close at 25, while Lafarge Africa appreciated by 8.67 per cent to close at N16.30 per share.

On the other hand, CI Leasing and Lasaco Assurance led the losers’ chart by 10 per cent, each to close at N2.52 and 27 kobo, respectively.

Julius Berger followed with a loss of 9.92 per cent to close at N21.35, per share. Ikeja Hotel depreciated by 9.69 per cent to close at N2.05 and Diamond Bank declined by 9.48 per cent to close at N1.05, per share.

At the end of yesterday’s transactions, the shares of Diamond Bank dropped further by 0.11 kobo to close at N1.05 per share from N1.16 per share at which it opened for trading on Tuesday. On the announcement of the acquisition deal by a local media on Monday, the shares shed by 0.12 kobo to close at N1.16 per share from N1.28 at which it opened for trading on Monday.

Total volume traded appreciated by 44.3 per cent to 399.86 million shares, worth N2.24 billion, and traded in 2,880 deals.

Transactions in the shares of Ikeja Hotel topped the activity chart with 279.1 million shares worth N572.16 million. FBN Holdings followed with account of 19.55 million shares valued at N145.89 million, while Diamond Bank traded 15.67 million shares worth N16.55 million.

FCMB Groups traded 13.1 million shares valued at N20.77 million, while United Bank for Africa (UBA) sold 9.01 million shares worth N71.89 million.