Fresh bargain-hunting spikes stock indices by N39b
Specifically, at the close of transactions yesterday, the All Share Index (ASI) was up by 105.77 absolute points, representing an increase of 0.33 per cent, closing at 32,480.89 points.
Similarly, the market capitalisation gained N39 billion to close N11.858 trillion.
The improved performance was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Lafarge Africa, Guinness Nigeria, UAC of Nigeria, Flour Mills Nigeria, and Dangote Sugar.
Analysts at Afrinvest Limited, said: “Yesterday, buying sentiment was sustained as we anticipated.
We expect this sentiment to remain today till the close of the week.”
Analysts at Cordros Capital Limited, said: “the absence of a one-off positive trigger and political concerns ahead of the 2019 election guide our conservative outlook for equities in the short-to-medium term.
However, stable macro-economic fundamentals remain supportive of recovery in the long term.”
Market breadth closed positive, and recorded 25 gainers against 15 losers.
Lafarge Africa recorded the highest price gain of 9.90 per cent to close at N22.75, while First Aluminium followed with a gain of 9.68 per cent to close at 34 kobo per share.
UAC of Nigeria rose by 8.82 per cent to close at N11.10, while Caverton Offshore Support Group, and Regency Alliance Insurance appreciated 8.33 per cent each to close at N1.95 and 26 kobo per share, respectively.
On the other hand, Prestige Assurance led the losers’ chart by 9.68 per cent to close at 56 kobo per share.
Unity Bank trailed with a loss of 9.28 per cent to close at 88 kobo, while Honeywell Flour shed 6.21 per cent to close at N1.36 per share.
Aiico Insurance declined by 4.71 per cent to close at 81 kobo, and GlaxoSmithKline Consumer Nigeria fell 4.55 per cent to close at N13.65 per share.
The total volume traded appreciated by 18.9 per cent to 226.03 million shares worth N2.34 billion, traded in 2,873 deals.
Transactions in the shares of NEM Insurance topped the activity chart with 39.12 million shares valued at N121.1 million.
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