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Gains in blue chips lift index by 1.03%

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Following price gains recorded by highly capitalised stocks, the Nigerian equity market closed upbeat yesterday, as the All-Share Index (ASI) appreciated by 1.03 per cent.

ASI gained 402.14 representing 1.03 per cent to close at 39,512.31 points. 
 
Similarly, the overall market capitalisation value appreciated by N213 billion to close at N20.660 trillion.
 
The uptrend was also driven by price appreciation in medium and large capitalised stocks, including BUA Cement, International Breweries, Eterna, C&I Leasing and NEM Insurance.
   
Analysts at Afrinvest Limited said: “We expect the positive performance to be sustained in the last trading session of the year.”
 

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Market breadth closed positive, 24 stocks posted gains while 19 stocks posted declines. Eterna, International Breweries and BUA Cement recorded the highest   price gain of 10 per cent each to close at N5.61, 59 kobo and N70.40 kobo.
 
C&I Leasing followed with a gain 9.74 per cent to close at N4.73, while Japaul Gold and Ventures went up by 9.62 per cent to close at 57 kobo.   On the other hand, FTN Cocoa Processors led the losers’ chart by 9.88 per cent, to close at 73 kobo, per share.  
 
Deap Capital Management & Trust followed with a decline of 7.41 per cent to close at 25 kobo, while Honeywell Flour Mill declined by 6.77 per cent to close at N1.27 kobo.  
 
Flour Mills of Nigeria lost 5.45 per cent to close at N26.00, while Union Bank of Nigeria shed 5.36 per cent to close at N5.30 kobo.
 
Meanwhile, the total volume traded declined by 48.39 per cent to 372.934 million shares, worth N11.503 billion, and traded in 5,186 deals.
 
Transactions in the shares of United Bank for Africa topped the activity chart with 60.57 million shares valued at N524.734 million.  
 
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