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Gains in highcap stocks lift market capitalisation by N128b

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Following gains in most highly-capitalised stocks, transactions on the floor of the Nigerian Stock Exchange (NSE) reversed the previous day’s losses to close upbeat as market capitalisation appreciated by N128 billion.

At the close of transactions yesterday, the All-Share Index (ASI) increased by 244.40 absolute points, representing a rise of 0.63 per cent to close at 38,931.25 points. Market capitalisation value gained N128 billion to close at N20.369 trillion.

The market gain was driven by price appreciation in large and medium capitalised stocks including Nestle Nigeria, Dangote Cement, Nigerian Breweries, May & Baker Nigeria and Africa Prudential.

Analysts at Afrinvest said: “Moving forward, we expect the overall bearish sentiment to be sustained in the market. However, there are opportunities for bargain hunting amid cheap attractive stocks.”

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Market sentiment, as measured by market breadth, closed the same with 23 stocks gainers and 23 losers. Morison Industries recorded the highest price gain of 9.72 per cent to close at 79 kobo.

Champion Breweries followed with a gain of 8.91 per cent to close at N2.20 kobo while Neimeth International Pharmaceuticals rose by 8.85 per cent to close at N2.09 kobo.

Mutual Benefits Assurance went up by 7.69 per cent to close at 42 kobo, while Nigerian Aviation Handling Company (NAHCO) appreciated by 6.64 per cent to close at N2.25 kobo.

On the other hand, Consolidated Hallmark Insurance led the losers’ chart by 10 per cent to close at 27 kobo.

Eterna followed with a decline of 9.94 per cent to close at N4.62 while Conoil lost 9.79 per cent to close at N17.05 kobo

Northern Nigeria Flour Mills (NNFM) lost 9.65 per cent to close at N5.15, while Livestock Feeds shed 9.57 per cent to close at N1.70 kobo.

Meanwhile, the total volume traded declined by 34.1 per cent to 368.216 million shares, worth N4.910 billion, and traded in 4,437 deals.

Transactions in the shares of United Bank for Africa topped the activity chart with 74.838 million shares valued at N523.356 million. FBN Holdings followed with 65.36 million shares worth N467.822 million, while Guaranty Trust Bank traded 34.342 million shares valued at N1.064 billion.

Sovereign Trust Insurance traded 34.219 million shares valued at N9.848 million while Japaul Gold & Ventures transacted 15.53 million shares worth N7.148 million.

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