Gains in 22 stocks push market index by N48 billion

Transactions on the Nigerian Stock Exchange (NSE), reopened upbeat yesterday, occasioned by gains in 22 stocks, causing market capitalisation to appreciate by N48 billion.

At the close of trading, Monday, the All Share Index (ASI) gained 92.04 absolute points, representing a growth of 0.31 per cent to close at 29,710.56 points. Similarly, the market capitalisation gained N48 billion to close at N15.304 trillion.

The upturn was largely boosted by capital appreciation recorded in the shares of some medium and high value stocks, including Total Nigeria, MTN Nigeria, BUA Cement, Cadbury Nigeria, and NASCON Allied Industries (NASCON).

On market outlook for the week, analysts at United Capital predicted that interest in Tier-one banks, especially Access Bank that recently got Central bank of Nigeria (CBN) approval for an expansion into Kenya, and other major countries would sustain growth momentum in the market.

“Additionally, the demand for dividend-paying stocks ahead of full-year results should continue to drive demand.”

Afrinvest Limited also expected gains in the local bourse to persist; however, they noted that there is a possibility for investors to take profit in the near term.

Market breadth closed positive, 22 stocks posted gains while 12 declined. Law Union and Rock Insurance recorded the highest price gain of 10 per cent to close at 55 kobo per share.

Total Nigeria followed with 9.35 per cent to close at N117.00, while Cadbury Nigeria appreciated by 8.50 per cent to close at N10.85, per share.
Caverton Offshore Support Group rose 6.87 per cent to close at N2.80, while Jaiz Bank appreciated by 6.15 per cent to close at 69 kobo, per share.

On the other hand, NCR Nigeria led the losers’ chart by 9.88 per cent to close at N3.65, per share. Nestle Nigeria followed with a decline of 6.12 per cent to close at N1.380.00 per cent, and Unity Bank 5.80 to close at 65 kobo, per share.

Oando lost 4.86 per cent to close at N3.52, while Courteville Business Solutions shed 4.17 per cent to close at 23 kobo, per share. Overall, a total turnover of 266.95 million shares worth N4.18 billion in 5,052 deals were traded yesterday by investors on the floor of the Exchange.

Transactions in the shares of Access Bank topped the activity chart with 37.84 million shares valued at N408.59 million. Zenith Bank followed with 34.997 million shares worth N790.41 million, while Guaranty Trust Bank traded 33.60 million shares at N1.15 billion.

FBN Holdings (FBNH) traded 22.81 million shares valued at N171.898 million, while United Bank for Africa (UBA) transacted 18.07 million shares worth N160.69 million.